BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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withdrawal
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deposit
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transfer
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balance
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Detailed explanation-1: -A cash withdrawal refers to taking money out of a bank account, usually a checking account, in the form of cash.
Detailed explanation-2: -The company would record a journal entry for an owner withdrawal by debiting owner’s withdrawal and crediting cash. Owner’s withdrawal is a temporary capital or equity account that is closed to the general owner’s capital account at the end of the year.
Detailed explanation-3: -T.i.P.S. Students should understand the difference between a deposit, adding money to an account, and a withdrawal, subtracting money from an account. Their money may be stored in a bank account where checking accounts usually have frequent transactions such as deposits and withdrawals, resulting in a daily balance.