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Accounting

Authored by Titilope Olusola

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Accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If the Bank statement balance does not agree with the 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

2.

OPEN ENDED QUESTION

30 sec • Ungraded

What is the meaning of a check dishonor?

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3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main benefit of preparing a bank reconciliation statement?

If there is an error in the transaction kept in the cash book only

If there is an error in the transaction kept in the cash book and bank statement

If there is an error in the book of account

If there is an error in the transaction kept in bank statement only

4.

OPEN ENDED QUESTION

30 sec • Ungraded

What are the reasons for the differences between the balance of the bank statement and the bank column of the cash book?

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5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A bank reconciliation statement is prepared by____________

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bank reconciliation statement is prepare to reconcile

The balance of cash book with Profit and Loss account of the firm

The balance of pass book with profit and loss account of the firm

The balance of bank column of cash book and the balance in pass book

The balance of cash column of cash book

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A __________ is a copy of the bank's customer's account in the book of the bank

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