Question Bank - Accountancy

Here's the question bank on all the accountancy topics.

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Which of the following statements is INCORRECT?

A.
It is customer's duty to check the entries and immediately inform the bank of any error that he may notice.
B.
Bank pass book represents a copy of the ledger account of the bank in the books of the customer.
C.
These days customers can easily access their bank statement online any time as facilitated by net banking.
D.
These days, many bank ATMs have automated machines where one gets the passbook updated without any manual intervention

Solution:

The incorrect statement is Bank pass book represents a copy of the ledger account of the bank in the books of the customer. Important PointsThe bank passbook represents all the transactions related to amount withdrawn from or deposited to the bank account within a specified period of time. It is provided by the bank to its customers and is updated via bank. Bank passbook does not represent the copy of the ledger account of the bank in the books of the customer but the debit or credit transactions of the bank account and balance or overdraft in the bank account as per bank.

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