Payment Instruments

Bank Giro Credit (BGC)
A preprinted paper slip used to pay cash or cheques into a specified bank account. It is commonly found at the back of chequebooks and utility bills.
Check
A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.