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NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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Trial Balance and Some Errors (Summary)

1. A trial balance is a statement showing debit and credit balances taken from ledger including cash and bank balances as are particular date.

2. The main purpose of trial balances is to find out the arithmetical accuracy of the entries made in the books of account.

3. An error of omission occurs when a transaction is completely or partially omitted from being recorded in the books of account.

4. When two or more errors are committed in such a manner that they nullify the wrong effect of each other they are called compensating error.

5. Errors of principal occur when accounting principal is not observed.

6. One side errors, located before preparing the trial balance, can be rectified by making a correction entry on the relevant side of the account.

7. One side error, located after preparation of the trial balance but by preparing the final account can be rectified through the suspense account.

8. One side error, affecting nominal accounts that are detected after the preparation of the final accounts, are adjusted through the profit and loss adjustment account instead of nominal account.

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