Drawer/Drawee

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi guys<BR><BR>It's my exam tomorrow and i've managed to get stuck on a couple of points! I don't work in Finance and would appreciate anyone that can help:<BR><BR>1) On a cheque who is the Payee, Drawer and Drawee?<BR><BR>2) What three services do banks offer businesses that don't involve lending money?<BR><BR>3) What functions does a Credit Controller do?<BR><BR>Thanks

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Drawer/Drawee

    Hi<BR><BR>I've got my exam tomorrow too, here's what i think;<BR><BR>1. I may be wrong on this but i presumed the Drawee was the same as the Payee?? The Payee on a cheque is the person whose name the account is in, i think the Drawer is the bank??!!<BR><BR>2. (i) Sending out statements of account to a customer<BR> (ii) Night safe to store amounts of money over night<BR> (iii) Paying the customers cheques when there is sufficient money in the account<BR><BR>3. A credit controller ensures the timely collection of outstanding monies.<BR> Negotiate settlements ensuring that cashflow is maximised<BR> Account reconciliations<BR><BR>I work in credit control so just copied out a couple of descriptions from my job spec for question 3.<BR><BR>This is probably not 100% correct as i don't really know what i'm doing!!<BR>Hope it helps though!! Good luck tomorrow.<BR><BR>Jaime<BR><BR>p.s. if you know of anywhere to find out the answers to any of the past papers on the AAT website please let me know!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Drawer/Drawee

    Please ignore my answer to your first question, i think the sun has severly damaged my brain!!!<BR><BR>The Payee = The person whom the cheque is payable to<BR>The Drawer = The issuer of the cheque, ie. the person whose account it is<BR>The Drawee = The bank that pays the cheque, ie. the bank who holds the account.<BR><BR>That should be correct.<BR><BR>I'm off to sit in the corner of my room with a large pointy hat.<BR><BR>Jaime
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Drawer/Drawee

    Thank you for your help, and good luck for tomorrow. :-)<BR><BR>Unfortunately I don't think you can get the exam paper answers from the AAT website, I've only found the past papers available for download under the Assessments section. It does say that you can purchase both the past papers and their answers from the AAT direct, see below for a statement copied from the website:<BR><BR>"This material consists of sample QUESTION PAPERS ONLY. Answers booklets and other Past Exam Papers are available directly from the AAT priced £11-£14 using the order form printed regularly in Accounting Technician magazine. To check availability of specific papers, please call Paul Bowen on +44 (0)20 7415 7515."<BR><BR>Hope this helps<BR><BR>Jane

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