Bank Reconciliation Statement

A bank reconciliation statement is

• Part of the cash book

• Part of Bank account

• Part of financial statement

• None of the above

If the Bank Statement balance does not agree with the bank balance of the Cash Book, then _________.

• the Cash Book should be regarded as the correct record of transactions

• the Bank Statement should be regarded as the correct record of transactions

• a Bank Reconciliation Statement should be prepared

• the difference could be either a current asset or current liability

A cash deposit made by business appears on the bank statement as _______ balance.

• Debit

• Credit

• Expenses

• Liabilities

A bank overdraft will appear as a __________balance in Bank Statement.

• debit

• credit

Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.

• True

• False

If the final balance of the bank statement is credit, it indicates that the business owes the bank money.

• True

• False

If the bank charges the business fees, the bank makes a credit entry in the bank statement.

• True

• False

If the final balance in the bank statement is RM 3,500 Dr, unpresented cheques equal RM 200 and outstanding deposits total RM 400, the final balance in the business's bank account is:

• RM 3,700 Dr

• RM 3,700 Cr

• RM 3,300 Cr

• RM 3,300 Dr

If the final balance in the bank statement is RM 3,900 Cr, unpresented cheques equal RM 500 and outstanding deposits total RM 900, the final balance in the business's bank account is:

• RM 4,300 Dr

• RM 4,300 Cr

• RM 3,500 Cr

• RM 3,500 Dr

On 30 April 2022, you received the bank statement for March and found that a RM 12,000 cheque, which was drawn on 10 April 2022 and paid to creditor, had been dishonoured by the bank.

• Cash Book, Dr Cash Cr Creditor

• Cash Book, Dr Creditor Cr Cash

• Bank Rec. item, Add to bank balance

• Bank Rec. item, less from cash book bal.