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JAMB Principles of Accounts 2008 Question 13

Question 13

Banking and Bank Reconciliation

The medium that enables the ATM to read the account details and process transactions directly with the account held in the bank is the

  1. A.smart card
  2. B.communication network
  3. C.magnetic strip
  4. D.computerized account
Show the answer and explanation

Answer: A (smart card)

Explanation

The customer's smart (ATM) card carries the account details that the machine reads to process the transaction.