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Cash and Internal Control Bank Reconciliation

Quiz by Noor Taherabedali Abedali Mohammed

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5 questions
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  • Q1
    lists the activity in the bank account during the recent month as well as the balance in the bank account.
    Bank reconciliation
    Bank Statement
    30s
  • Q2
    Bank Reconciliation Process The ending balance of cash in the monthly statement compiled by the bank does often not agree of cash the ending balance of the cash account that appears in the company records
    False
    True
    30s
  • Q3
    Outstanding Checks
    Checks that have been written and recorded in the company's cash account have cleared in the bank account. Checks written during the last few days of the month plus a few older checks are likely to be among the outstanding checks.
    Checks that have been written and recorded in the company's cash account but have not yet cleared in the bank account. Checks written during the last few days of the month plus a few older checks are likely to be among the outstanding checks
    30s
  • Q4
    They occur when a company arranges for its bank to handle the reordering of checks. The cost of the printed checks will automatically be deducted from the company's checking account. Because the check printing charges have already been deducted on the bank statement, there is no adjustment to the balance per bank However, the check printing charges need to be an adjustment on the company's books, There will be a deduction to the company's cash account.
    Check Printing Charges
    NSF check
    30s
  • Q5
    the correction of the error will be either an increase or a decrease to the balance in the cash account on the company's books
    Company Errors
    Bank Errors
    30s

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