2. 职称英语
  3. (a)Write short notes on the following: (i)BACS (ii)CHAPS (i

(a)Write short notes on the following: (i)BACS (ii)CHAPS (i

游客2025-06-21  26
问题     (a)Write short notes on the following:
    (i)BACS       (ii)CHAPS        (iii)CHIPS         (iv)FedWire
    (b)What are the significance and limitations of the balance sheet?
选项
答案 (a)(i)BACS:
    Formerly known as Bankers’ Automated Clearing Services.
    BACS handles direct debits and credits as well as standing orders in the UK.
    The clearing process is normally completed on the third day of the operation cycle.
    (ii)CHAPS
    It refers to the Clearing House Automated Payments System.
    It is available nationwide in Britain.
    It is operated by a number of settlement banks who communicate directly through computers.
    Payments sent through the system are guaranteed and unconditional, and cleared on a same-day basis.                          
    (iii)CHIPS
    It refers to Clearing House Inter-bank Payments System.
    It is a computerized network in the United States for transfer of international payments.
    It links up a number of international banks and other financial institutions which have offices or subsidiaries in New York City.
    Members are classified as "settling" and "non-settling" member banks.
    Each non-settling member bank maintains an account with a settling member which effects settlement on its behalf.
    (iv)FedWire
    It is a fund-transfer system operated in the USA by the Federal Reserve System (file Fed, the Central Bank of the US).
    This fund-transfer network handles transfers from one financial institution to another with an account balance held with the Fed.
    The transfer of reserve account balances is used for the buying and selling of Fed funds, and credit transfers on behalf of bank customers.
    (b)A balance sheet is basically a financial statement that gives an accounting picture of assets owned by a business operation and of claims outstanding on a specific date.
    The balance sheet acts as a snapshot of the company’s position at a point in time.
    The balance sheet provides us with some idea of a company’s real worth and the trends of performance.
    It is static and historical in that it shows the assets and liabilities at a past point in time.
    Some of the assets are estimations only and as valued on the date stated.
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