- 1 Marks
FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)
Identifies the method of payment for regular fixed amounts through bank instructions.
Question
Florence Ajade pays her professional subscription through instructions to her bank to make annual regular payments of a fixed amount from her current account. When the subscription increases, she issues revised instructions to the bank to reflect the new amount.
Which of the following methods of payment is she using?
A. Internet banking transfer
B. Standing order
C. Payable order
D. Direct credit
E. Standing bill of payment
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