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JAMB Principles of Accounts 2012 Question 12

Question 12

Banking and Bank Reconciliation

Cash can be drawn from the bank using

  1. A.a bank teller
  2. B.a credit card
  3. C.a recharge card
  4. D.ATM card.
Show the answer and explanation

Answer: D (ATM card.)

Explanation

An ATM (debit) card lets the account holder withdraw cash from his account at a cash machine.