Podcast
Questions and Answers
Which method of transferring money is described as a plastic card with a sixteen digit card number and allows the user to make payments by transferring funds electronically from their bank account?
Which method of transferring money is described as a plastic card with a sixteen digit card number and allows the user to make payments by transferring funds electronically from their bank account?
- Bank Giro
- Cheques
- Cash
- Credit Card (correct)
What issue is associated with using cash as a method of transferring money?
What issue is associated with using cash as a method of transferring money?
- Potential post-dated or outdated transactions
- Potential alteration by anyone other than the payee
- Extended clearance time of 3-5 days
- Fraud and money laundering (correct)
In the context of transferring money, what does BACS stand for?
In the context of transferring money, what does BACS stand for?
- Business Account Clearing System
- Bank Automated Credit System
- Bank Automated Cheque Service
- Bankers Automated Clearing Service (correct)
Which method of transferring money involves a direct receipt of money into a person's bank account through a safe and convenient process?
Which method of transferring money involves a direct receipt of money into a person's bank account through a safe and convenient process?
What are the three parties involved in a cheque transaction?
What are the three parties involved in a cheque transaction?
Which method of transferring money is described as 'the most widely used method' but has an issue with security due to its susceptibility to theft and fraud?
Which method of transferring money is described as 'the most widely used method' but has an issue with security due to its susceptibility to theft and fraud?
What is the primary purpose of the bank statement?
What is the primary purpose of the bank statement?
Why might the bank balance differ from the balance in the cash book?
Why might the bank balance differ from the balance in the cash book?
What are examples of items that may be entered in the cashbook but not yet on the bank statement?
What are examples of items that may be entered in the cashbook but not yet on the bank statement?
What is meant by 'unpresented or outstanding cheques'?
What is meant by 'unpresented or outstanding cheques'?
When are bank lodgements also known as unrecorded deposits?
When are bank lodgements also known as unrecorded deposits?
What might cause a difference between the bank balance and cash book balance?
What might cause a difference between the bank balance and cash book balance?
What is the purpose of a bank reconciliation?
What is the purpose of a bank reconciliation?
When does interest received on savings or deposit accounts get recorded in the cashbook?
When does interest received on savings or deposit accounts get recorded in the cashbook?
What is a common type of error in bank reconciliation?
What is a common type of error in bank reconciliation?
What are standing orders in the context of banking?
What are standing orders in the context of banking?
When are returned cheques typically recorded on the bank statement but not in the cashbook?
When are returned cheques typically recorded on the bank statement but not in the cashbook?
How are unrecorded receipts treated in bank reconciliation?
How are unrecorded receipts treated in bank reconciliation?
What is the purpose of comparing the debit side of the cashbook with the credit side of the bank statement during bank reconciliation?
What is the purpose of comparing the debit side of the cashbook with the credit side of the bank statement during bank reconciliation?
What should be done with items that appear on the bank statement but not in the cashbook during bank reconciliation?
What should be done with items that appear on the bank statement but not in the cashbook during bank reconciliation?
What is deducted from the current account at the end of the month as a service charge by the bank?
What is deducted from the current account at the end of the month as a service charge by the bank?
'Receipts' mentioned in the text refer to what type of transactions?
'Receipts' mentioned in the text refer to what type of transactions?
