A nationwide electronic funds transfer network which enables participating banks/financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries is termed as _____?

• Clearing cheque
• Clearing house
• Clearing bank
• None of these

Related MCQs

• The closing process involves separate entries to close: (1) expenses, (2) dividends, (3) revenues, and (4) income summary. The correct sequencing of the entries is:
• According to the rules of debit and credit for balance sheet accounts ______?
• Which of the following are incorrect? (I) Goods sold for cash → Debit: Cash | Credit: Sale (II) Goods bought on credit from T Carter → Debit: Purchase | Credit: T Carter (III) Goods returned by us to C Barry → Debit: C Barry | Credit: Outward (IV) Van bought for cash → Debit: Purchase | Credit: Cash
• For an electronic state s = 1, and 1 = 1, the number of possible values of total angular momentum of an electronic are _____?
• On October 1, 2011, Coast Financial loaned Barr Corporation $300,000, receiving in exchange a nine-month, 12 percent note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2012 will amount to _____?
• Which of the following is a Book of secondary entries?
• The purpose of adjusting entries ?
• Which function in Excel tells how many numeric entries are there?
• Personal logs or journal entries posted on the web are known as
• All entries in cash book are initiated by ____?