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JAMB Principles of Accounts 2011 Question 12

Question 12

Banking and Bank Reconciliation

The process of reconciling cheques between banks is termed cheque

  1. A.clearing
  2. B.truncation
  3. C.holding
  4. D.confirmation.
Show the answer and explanation

Answer: A (clearing)

Explanation

Clearing is the exchange and settlement of cheques between banks.