Banking and payment system is key aspect of the free CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course.
This is lesson 2 of CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course and you should have read the page listed below before reading this page:
Welcome to Banking and payment system.
It is important as an Accounting Trainee or Bookkeeper that you understand the important relationship a business has with its bank. Banking in itself is a huge subject covering investments, mortgages and foreign exchange. All we can do at this stage of your studies is to provide an introduction to banking and concentrate on banking procedures.
Having read the chapter on introduction to banking and building societies you should have a good understanding of the differences between the two, and you should be able to detail the services that they provide.
Accounting examiners will expect you to know:
-the differences between a current and a deposit account
-differences between an overdraft and a mortgage
-understand what is meant by direct debit and standing orders
-define and prepare cheques and paying-in slips
-define a bank draft
-know what is meant by BACS and CHAPS
The link to Amazon for the recommended reading on introduction to banking is:
Now lets test your knowledge of Banking and payment system – go to the test below.
QUIZ: Banking and payment system.
Leaderboard for -Banks, building societies and payment systems1. Sana-33 Points
2. -33 Points
3. Teresa-33 Points
4. MOOKETSI BOSEJA-33 Points
5. -33 Points