is the result of combining
technology and traditional bank services
through websites that customers use to
access their bank accounts.
Answers
Answer:
Nominal Account
These accounts types are related to income or gains and expenses or losses. For example: – Rent A/c, commission received A/c, salary A/c, wages A/c, conveyance A/c, etc.
Rules
Debit all the expenses and losses of the business.
Credit the incomes and gains of business.
For Example – Salary paid to employees of the entity. Salary A/c will be debited when the expenses are incurred. Whereas, when an entity receives any interest, discount, etc these are credited whenever these are received by the entity.
There are some other accounts in accounting as well:
Cash Account – This account is used for keeping the records of payments done by cash, withdrawals, and deposits.
Income Account – Purpose of this account is to keep the record of the income sources of business.
Expense Account – This account tracks the expenditure of the business.
Liabilities – If there is any debt or loan then that amount comes under liabilities.
Equities – If there is an investment of the account owner or common stocks, retained earnings then these will fall under equities.
Examples on Types of Accounts
Write the accounts affected and applicable rule in the below-mentioned transactions.
Goods purchased for cash.
Cash Sales.
Sale of fixed assets
Payment of expenses.
Answer –
1. Debit Purchase account and credit cash account.
Rule Applicable: – Debit increase in expense or an asset. Credit decrease in assets.
2. Debit Cash account and credit sales account.
Rule Applicable: – Debit Increase in assets. Credit Decrease in revenue or assets.
3. Debit Expenses account and credit cash/bank account.
Rule Applicable: -Debit Increase in expense. Credit Decrease in assets.
Explanation:
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Answer:
The correct answer is Internet Banking.
Through the websites of the different banks, where customers access their bank accounts, Internet banking emerged as a result of the mix of technology and traditional bank services.
Explanation :
- Customers of banks and other financial institutions can undertake a variety of financial activities through the websites of those institutions using internet banking, sometimes referred to as online banking, e-banking, or virtual banking.
- A nationwide payment system that allows for one-to-one fund transfers is called National Electronic Funds Transfer (NEFT). With the use of this scheme, people, businesses, and corporations can electronically transfer money from one bank branch to another in the participating nation if they have an account there. Those with accounts at a bank branch, whether they are individuals, businesses, or corporations, can transfer money through NEFT.
- The continuous (real-time) settlement of money transfers is known as real-time gross settlement (RTGS) (without netting). "Real Time" refers to processing instructions as soon as they are received rather than at a later time. "Gross Settlement" refers to the individual settlement of each funds transfer instruction (on an instruction by instruction basis). The payments are final and irrevocable because the monies settlement occurs on the Reserve Bank of India's books. The RTGS system is mainly designed for transactions with high dollar amounts.
- ECS is an alternative method for carrying out payment transactions for utility bill payments, such as phone and electricity bills, insurance premiums, card payments, and loan repayments, etc. It would eliminate the need to issue and handle paper instruments, allowing banks, businesses, corporations, and government agencies to provide better customer service when collecting and receiving the payments.
- Through mobile devices, IMPS provides a real-time, round-the-clock interbank electronic fund transfer service. IMPS is a powerful tool for transferring money instantaneously between banks in India via mobile, internet, and ATMs. It is economical from both a financial and non-financial standpoint.
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