Future Business Leaders of America (FBLA) Accounting Practice Test

What is a deposit slip?

1. A form to withdraw currency

2. A bank form listing currency and checks to be deposited

3. A document that requests a loan

4. A form for account closure

The correct answer is: A bank form listing currency and checks to be deposited

A deposit slip is a bank form that serves the purpose of detailing the currency and checks an individual or business wishes to deposit into their bank account. When completing a deposit slip, the account holder typically lists the amounts of cash and checks they are depositing, along with their account number. This slip provides the bank with the necessary information to accurately credit the account, and it also serves as a receipt for the depositor. In banking transactions, clearly defined forms play essential roles, and the deposit slip specifically streamlines the deposit process by ensuring all necessary details are captured and reducing the chance for errors during processing.