Bank Reconciliation
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- Q1
A debit balance in Bank account in the Cash book appears as a credit balance in the Bank statement.
truefalseTrue or False30s - Q2
A Bank reconciliation statement is not part of the double entry system.
falsetrueTrue or False30s - Q3
An overdraft in the bank statement is included in the balance sheet as a current asset.
falsetrueTrue or False30s - Q4
If the bank reconciliation starts with a debit balance from the Bank account in the Cash book the bank charges appearing in the Bank statement would be added.
falsetrueTrue or False30s - Q5
A credit entry in pass book means a credit entry in cash book.
falsetrueTrue or False30s - Q6
A reconciliation statement is prepared because the Bank account in the cash book is always correct and the bank statement is not.
falsetrueTrue or False30s - Q7
Bank Reconciliation Statement is a statement prepared by a bank.
falsetrueTrue or False30s - Q8
Cheques deposited in to bank are recorded on debit side of the bank column of Cash book.
truefalseTrue or False30s - Q9
Direct deposits in the bank by a customer would increase the balance shown by the pass book.
truefalseTrue or False30s - Q10
Savings account is an account where a passbook is required in making deposits and withdrawals.
truefalseTrue or False30s - Q11
A bank reconciliation is
A formal financial statement that lists all of the bank account balances of an entity.
A merger of two banks that previously were competitors.
A statement sent by the bank to depositor on a monthly basis.
A schedule that accounts for the differences between cash balance shown on the bank statement and the cash balance shown on the general ledger.
30s - Q12
Which of the following items must be added to the cash balance per ledger in preparing a bank reconciliation which ends with adjusted cash balance?
Note receivable collected by bank in favor of the depositor and credited to the account of the depositor
NSF customer check
Service charge
Erroneous bank debit
30s - Q13
Which of the following would be added to the balance per bank statement to arrive at the correct cash balance?
Outstanding check
Bank service charge
Deposit in transit
A customer note collected by the bank on behalf of the depositor
30s - Q14
Which of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with adjusted cash balance?
Deposit in transit
Outstanding check
Reduction of loan charged to the account of the depositor
Certified check
30s - Q15
If the balance shown in the bank statement is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be
Deposits credited by the bank but not yet recorded by the depositor
Outstanding checks
Deposits in transit
Bank charges not yet recorded by the depositor
30s