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JAMB Principles of Accounts 2014 Question 15

Question 15

Banking and Bank Reconciliation

An item credited in the bank statement but yet to be recorded in the firm's cash book is

  1. A.bank loan.
  2. B.contract payment.
  3. C.standing order.
  4. D.direct deposit.
Show the answer and explanation

Answer: D (direct deposit.)

Explanation

A direct deposit (credit transfer) into the account appears on the statement before the firm knows of it.