Cash can be drawn from the bank using

Assessment: JAMB UTME - Principles of Accounts - 2012 Subject: Financial Accounting

Question 1 Report

Cash can be drawn from the bank using
Answer Details
Cash can be drawn from the bank using an ATM card or a bank teller. An ATM (Automated Teller Machine) card allows you to withdraw cash from a machine that is connected to your bank account. You simply insert the card into the machine, enter your pin, and select the amount you want to withdraw. A bank teller is a person who works at a bank and can assist you in withdrawing cash from your account by completing the transaction for you. You will need to provide identification and explain the amount you wish to withdraw. A credit card and a recharge card are not typically used to withdraw cash from a bank account. A credit card is used to make purchases and can also be used to withdraw cash, but this will result in a cash advance and you will be charged a fee. A recharge card is used to add credit to a mobile phone or other type of service, and cannot be used to withdraw cash from a bank account.
Read lesson note on Cashbook (JAMB)
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