Is drawer a real word?
A drawer is someone who withdraws something (typically money). Drawers is a synonym in American English for “underwear”. Using “drawer” as a noun for someone who draws would mark you as neophyte even though it would be technically okay to use it.
Who is a drawer in accounting?
Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer’s name and account is preprinted on the cheque, and the drawer is usually the signatory. Payee: the person or entity who is to be paid the amount.
What does drawee mean?
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.
What is the name of the payee?
The payee is paid by cash, check, or another transfer medium by a payer. The payer receives goods or services in return. The name of the payee is included in the bill of exchange and it usually refers to a natural person or an entity such as a business, trust, or custodian.
What is convertible debentures answer in one sentence?
Convertible Debentures are those which can be converted either partly or wholly into equity shares after the completion of a definite period. On conversion the debenture holders are eligible for dividends and other rights and privileges of shareholders.
What are noting charges in one sentence?
Noting is the recording of the fact of dishonor by a notary public which becomes an evidence of dishonor. When a bill of exchange is dishonor, in order to prove the fact, the holder may get the bill noted. Charges paid on noting are called as noting charges.
What is type of accounting?
Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting. Management accounting is useful to all types of businesses and tax accounting is required by the IRS.
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