Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made. Show
The balance mentioned in the bank passbook of the statement must tally with the balance mentioned in the cash book. In the statement, all the deposit will be shown in the credit column and withdrawals will be shown in the debit column. However, if the withdrawal exceeds deposit it will show a debit balance (overdraft). Given below are important MCQs on Bank Reconciliation Statement to analyze your understanding of the topic. The answers are also given for your reference. 1. In cash book, the favourable balance indicates A) Credit Balance B) Debit Balance C) Bank Overdraft D) Adjusted Balance Answer: B 2. On the bank statement, cash deposited by the company is known as A) Credit B) Debit C) Liability D) Expenses Answer: A 3. Bank reconciliation statement compares a bank statement with _________ A) Cash payment journal B) Cash receipt journal C) Financial statements D) Cashbook Answer: D 4. What is “Deposit in transit” in bank reconciliation? A) Added to Bank Balance B) Subtracted From Bank Balance C) Subtracted From the Cash Book Balance D) Added to Cashbook Balance Answer: A 5. ‘NSF’ marked in cheque sent back by the bank indicates A) Cheque has been forged B) A bank couldn’t verify the identity C) Not sufficient funds D) A cheque cannot be cashed because it’s illegal Answer: C 6. Bank reconciliation description is composed of A) Bank Accountant B) Business Manager C) Business Accountant D) Controller of the bank Answer: C 7. An unadjusted balance in cash book is because of the result of which error? A) Deposit in transit B) The omission of Bank charges C) Outstanding cheques D) Unpresented cheques Answer: B 8. Unpresented cheques also referred to as A) Bounced cheques B) Outstanding cheques C) Uncredited cheques D) Uncollected cheques Answer: B 9. In cash book, bank charges of ₹5,000 was not recorded. Name the correct cash book adjustment A) It will be credited in cash book B) It will be debited in cash book C) No adjustment needed in the cash book D) Charges will be added to the cash book balance Answer: A 10. What type of cheques is that which is issued by a firm but not yet presented to the bank A) Uncredited cheques B) Outstanding cheques C) Uncollected cheques D) Bounced cheques Answer: B Stay tuned to BYJU’S for more MCQs on Economics, question papers, sample papers, syllabus and Commerce notifications. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. If you have difficulty answering the following questions, learn more about this topic by reading our Bank Reconciliation (Explanation). Outstanding checks. Bank service charge. Interest credited to bank account. Interest charged to bank account. Deposit in transit. Bank inadvertently charged your bank account for another company's bank fees. Bank erred by posting another company's credit memo to your company's bank account. Fee charged by bank for returned check. A company wrote a check for $76 and it cleared the bank for $76. However, the company recorded the check in its Cash account as $67. How is the difference of $9 handled on the bank reconciliation? A company had a receipt of $989 and correctly prepared its bank deposit slip for $989. However, the company recorded the receipt in its Cash account as $998. How is the difference of $9 handled on the bank reconciliation? The bank collected a Note Receivable for the company and credited the company's bank account for $1,000. A company deposited a check from a customer into its checking account. A few days later the check was returned with the notation "Account Closed" and the bank deducted the amount on the bank statement. __________
Which of the following items will require a journal entry to the company's books? Which of the following will NOT require a journal entry to the company's books? A company recorded its check #2754 in its accounting records as $98. However, check #2754 was actually written for $89 and it cleared the bank as $89. What adjustment is needed to the Cash balance per books? A company recorded its August 15 receipts on its books as $165. However, the receipts were actually $156. The deposit slip for the bank was prepared correctly as $156. What adjustment is needed to the Cash balance per books? Want more practice questions? What would be added to the balance per bank on a bank reconciliation?Deposits in transit would be added to the balance per bank statement in a bank reconciliation. Deposits in transit refer to the cash and checks that are received by the company but are not yet deposited in the bank as of the ending date of the bank statement.
Which of the following is added to the bank balance on a bank reconciliation quizlet?On a bank reconciliation, outstanding checks are added to the balance per books to obtain the adjusted balance per books.
What's included in bank reconciliation?A bank reconciliation statement is a summary of banking and business activity that reconciles an entity's bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.
Which of the following would be added to the balance per books on a bank reconciliation service charges outstanding checks deposits in transit notes collected by the bank?Answer choice: D.
The cash collected by the bank would be an increase to the balance per the books on a bank reconciliation. Outstanding checks and deposits in transit would be adjustments to the bank balance on a bank reconciliation.
|
Which of the following is added to the bank balance in a bank reconciliation?
zusammenhängende Posts
Urheberrechte © © 2024 nguoilontuoi Inc.
