When setting up corporate credit cards, why is it recommended that the parent account notbe connected to bank feeds?o The parent credit card account cannot be reconciled if the bank feed is connected to ito QuickBooks Online does not allow parent accounts to have bank feed connectionso If the parent account is connected to bank feeds its sub-accounts cannot be connected tothe banko It will create duplicate transactions

Corporate credit cards are specialized credit cards issued to businesses, typically for their…

Answered: When setting up corporate credit cards,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2QY

See similar textbooks

Similar questions

Why it can be dangerous to provide credit card information over the internet? Does it stop the risk if you only use credit card at local business?
Why should a company prepare a bank reconciliation for each account every period? What types of issues are avoided by doing this? please no plagrisim and don't copy someone else work, I need a new work for my homework
Why does Target not report any accounts receivable, even though they have a Target brand credit card?
Why it can be risky to provide credit card information over email/internet? Do you think, using a credit card of local business is risky? Why? Why not?
Which of the following is not a reason for the Jones Hardware Store to accept credit cards from customers? Group of answer choices A)Jones can receive its money faster than if it directly extended credit to the customer by an account receivable. b)The credit card company offers a discount to Jones so that Jones will have more money available for operations. C)Jones will not have to be concerned with nonsufficient funds checks from customers. d)Jones will not have to have extra office workers to make phone calls to customers requesting collections on accounts. E)All these are reasons to accept credit cards.
Why does a bank credit a customer's account when the customer makes a deposit and debit the account when the customer makes a withdrawal? O Because banks use a different method of accounting O Because the customer's account is a liability for the bank. Because the customer's account is an asset to the bank
When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions. What might have happened? Your client used the Reclassify Transactions tool Someone imported these transactions and their reconciliation status directly from Excel Your client added the transactions through Bank Feeds, using an item that posted to the wrong account Your client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add
Which of the following is a benefit of online banking a business can reconcile to the banks balance at any time be a companies book balance will always equal the banks balance see the bank reconciliation is not necessary D the business can reduce their internal controls over cash receipts
Which of the following is NOT Non-Authorized Deposit-Taking Institution? O a. Credit Unions O b. Finance Companies Oc. O d. Securitizers Money Market Corporations What is open banking? Time left 0:33 O a. Open Banking refers primarily to giving customers greater access to and control over their own banking data O b. Open Banking enables the customer to direct that they can be provided with parts of their banking data in a secure environment and in a prescribed way O c. Open Banking enables the customer to direct that they, or third parties chosen by them, be provided with pre determined parts of their banking data in a secure environment and in a prescribed way Od. A and B Oe. A and C I bought stock Y last year and make 10% of profit. This year I bought stock Y again. Even though I am making a loss but I will wait and see as my experience with this stock is positive. What kind of bias is this? O a. Anchoring bias O b. Availability bias O.C. Confirmation bias Od. Loss aversion bias
Your customer has paid their bill, yet the Accounts Receivable balance has not changed. Which of the following could have caused this error? A Bypassing the Pay Bills window and writing a check to the vendor B Deleting the deposit before reconciliation C Running the Open Invoices report before accepting payment D Bypassing the Receive Payments window and entering the payment directly in the Bank Deposits window
In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
How can you avoid overdrafts and overdraft fees? What are the types of accounts in a bank?

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

SEE MORE TEXTBOOKS