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Q: What two types of monetary transaction can be conducted in the banking system without the use of cash?
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There are several basic banking ACH rules. ACH is Automated Clearing House. One rule with ACH is that no financial company can make a transaction without the owner knowing that it is happening.


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The term 'Banking without walls,' refers to online personal or business banking. Customers of banks are able to take care of banking activities such as checking balances, contacting customer service, ordering checks and taking part in many other services. The advantage of online banking is the convenience. The disadvantage is that online transactions always contain an element of risk, and taking care of sensitive financial information could result in unauthorized persons gaining assess to a bank customer's confidential information.


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Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.


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Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.


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Yes, if you can prove it caused you monetary damages.


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As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.