Question : Statement 1: Cash and Bank Sub-system deals with the receipt and payment of cash both physical cash and electronic fund transfer.
Statement 2: Electronic fund transfer takes place without having the physical entry or exit of cash by using credit cards or electronic banking.
Option 1: Both statements are correct
Option 2: Both statements are incorrect
Option 3: Statement 1 is correct and statement 2 is incorrect
Option 4: Statement 1 is incorrect and statement 2 is correct
Correct Answer: Both statements are correct
Solution : Bank and cash The reception and payment of currency, including physical cash and electronic fund transfers, is handled by a subsystem. Using credit cards or online banking, electronic fund transfers are performed without the physical entry or exit of currency. Hence, the correct option is 1.
