A Protocol Is a Standard That Specifies the Format of Data

question 24

True/False

A protocol is a standard that specifies the format of data as well as the rules to be followed during transmission.

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Definitions:

NSF Checks

Checks that are not honored by the bank due to insufficient funds in the account of the drawer.

Bank Service Charges

Fees charged by banks for account maintenance, transactions, and other financial services.

Outstanding Checks

Checks that have been written and recorded in the checking account ledger but have not yet been cashed or cleared by the bank.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure consistency and accuracy of the figures.