A Debit Memorandum Would NOT Be Issued by the Bank

question 40

Multiple Choice

A debit memorandum would NOT be issued by the bank for

• A) certifying cheques.
• B) the issuance of traveller's cheques.
• C) transferring funds to other locations.
• D) an electronic funds transfer received from a customer's account.

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Definitions:

Journal Entries

Records of financial transactions in the chronological order made in the accounting journals.

Petty Cash Fund

A small amount of cash on hand used for paying minor expenses, managed through a system of replenishment.

Misc. Expense

Miscellaneous Expenses, generally small or irregular costs that don't fit into other categories of a company's financial statements.

Petty Cash Fund

A small amount of cash kept on hand for minor, incidental expenses.