Bank Reconciliation Theory

Which among the following choices is NOT considered cash and cash equivalent items?

• Current Checks

• Postal Money Orders

• Restricted Deposits

• Petty Cash Fund

A process of bringing together the balance of the cash balance per bank statement, and cash balance per book

• Bank Reconciliation

• Audit of Cash

• Cash examination

• Electronic Payments

In which document will the bank balance be determined?

• General Ledger

• Bank Statement

• General Journal

• Balance Sheet

Which among the following choices are BOOK reconciling items?

• Debit Memo

• Credit Memo

• Outstanding Checks

• Deposits in Transit

Which among the following choices are BANK reconciling items?

• Debit Memo

• Credit Memo

• Outstanding Checks

• Deposits in Transit

A cash control system whereby all cash transactions pass through with a bank

• Electronic Payment System

• Imprest Fund System

• Petty Cash System

• Bank Reconciliation

Which among the following choices is NOT considered a cash control procedure?

• Ensuring that all cash transactions are supported by a document

• Segregation of Duties

• One-time recording of cash transactions

• Depositing cash daily and intact

Which among the following skills should you possess in order to make a bank reconciliation statement properly?

• Attention to Detail

• Accuracy

• Speed

• Mathematical Ability