Answer to Question #262918 in Accounting for Another you

Question

A. Identify the word/s described in each statement.

1. The most liquid form of asset which is vulnerable to fraudulent activities.
2. The type of account which intends to provide account holders an incentive to save money.
3. The document used by the bank account holder in depositing cash/check in the bank.
4. This account is maintained by a passbook.
5. This accounts earns no interest where transactions are maintained by a check.

Answer 1

Solution:

1.). Cash – This is the most liquid form of asset which is vulnerable to fraudulent activities.

2.). Savings Account – This is the type of account which intends to provide account holders an incentive to save money.

3.). A deposit slip – This document is used by the bank account holder in depositing cash/check in the bank.

4.).  Basic savings account – This account is maintained by a passbook.

5.). A checking account – This account earns no interest where transactions are maintained by a check.