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JAMB Principles of Accounts 2012 Question 13

Question 13

Banking and Bank Reconciliation

In a modern day banking system, cash transfer cannot be made where the transferor

  1. A.has no sufficient cash with the bank
  2. B.has no account with the bank
  3. C.does not reside in the bank's country
  4. D.does not possess the domestic currency.
Show the answer and explanation

Answer: A (has no sufficient cash with the bank)

Explanation

A transfer only goes through if the account has enough money to cover it.