BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which action below is considered a best-practice for check writing?
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Using a pencil so that you can quickly erase any errors without having to throw any checks away
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Recording all of your transactions in a check register
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Leaving the “to” field blank until the very last minute, so that no one else can steal the check
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Writing quite sloppily in each field so that no one else can forge your handwriting
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Explanation:
Detailed explanation-1: -Answer: Record all transactions in a check register. Explanation: It’s easier to track how money is spent if there is a paper trail.
Detailed explanation-2: -A check register is generally used when recording transactions before any business transactions are recorded in the general ledger. For example, a business may use a check register to track cash payments for inventory or other expenses.
Detailed explanation-3: -The purpose of the check register is to record your transactions. For the Deposit/ Credit column, record the interest and the amount of the deposit added. For the Payment/ Debit column, record the interest and the amount of the deposit subtracted. After you cash a check, you must endorse it.
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