Accounting - Bank Reconciliations

The main purpose of preparing a bank reconciliation statement is?

• Part of a Bank Statement

• Part of the Cash Book

• A separate statement

• A sub-division of a journal

Uncollected cheques are also known as?

• Outstanding cheques

• Uncleared cheques

• Outstation cheques

• Both A & B

Favourable balance means?

• Credit balance in the cash book

• Credit balance in the bank statement

• Debit balance in cash book

• Both B & C

What is the term for balancing a company's cash account to its bank account?

• Account balancing

• Bank reconciliation

• Adjustment

• Cleared balance

In order to perform a bank reconciliation you will need the check register and which of the following?

• Bank Statement

• Chart of Accounts

• Accounts Payable

• Accounts Receivable

Unfavourable balance means?

• Credit balance in cash book

• Credit balance in bank statement

• Debit balance in cash book

• Debit balance in petty cash book

When check is not paid by the bank, it is called?

• Honoured

• Endorsed

• Dishonoured

• Both A & B

A bank reconciliation statement is prepared by?

• Banker

• Accountant of the business

• Auditors

• Registrars

The balance on the debit side of the bank column of cash book indicates?

• The total amount that has been drawn from the bank

• Cash at bank

• The total amount overdraft in the bank

• None of above

In the cash book, bank charges are recorded on the?

• Credit side

• Debit side

• Both A & B

• None of the above