Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 28 - No. 15)
What is the impact on the bank balance when a customer pays using a standing order?
Increases the bank balance
Decreases the bank balance
No effect on the bank balance
May increase or decrease the bank balance, depending on the transaction.
Explanation
Standing orders are recurring payments, they lower the bank amount.
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