Tap, Rack, Bang.
Many now use the term: Tap, Rack, Access.
Tap means that you ensure the magazine is fully seated and locked into the gun.
Rack means that you run the slide of the gun. You pull the slide back and let it go. If there was a dud round in the chamber, it should be ejected. If the magazine wasn't seated, you seated it and now chambered a round. If the magazine and chamber are empty, the slide should lock back.
Bang means you now attempt to fire. The reason that many have gotten way from that and now say access is that while you were clearing the malfuction, the situation may have changed. The person may now have his hands up and his weapon thrown down. He may now have a hostage. He may have run away. He may be down........................ Practicing Tap/Rack/Bang over and over and over engrains the idea that you ALWAYS shoot following the clearing of a malfuction when you really need to reaccess the situation and see of shooting is the best course of action. This doesn't mean that you spend 10 minutes with your accessment. It only means that you think before you act and that you don't practice firing all the time in your practice.
While you are performing the malfuction clearence drill, you keep the gun high: just below your line of sight. You want to be able to see the target, but you want to have the sights back on the target ASAP after clearing the malfunction.