Bank Reconciliation Quiz

The name of the document prepared by the Bank that records the business’s cash flows is a/an ...

• Income statement

• Cash flow statement

• Bank statement

• Balance sheet

The Bank column of the Cash Receipts Journal matches the _________ column of the Bank Statement.

• Debit

• Credit

• Balance

• Details

The Bank column of the Cash Payments Journal matches the _________ column of the Bank Statement.

• Debit

• Credit

• Balance

• Details

The final balance on the bottom of the Bank Statement was $4000 CR. This means ….

• The business has an overdraft of $4000.

• The business has $4000 in the bank.

• The business has earned $4000 revenue.

• The business has assets of $4000.

The final balance on the bottom of the Bank Statement was $4000 DR. This means ….

• The business has an overdraft of $4000.

• The business has $4000 in the bank.

• The business has earned $4000 revenue

• The business has liabilities of $4000.

The balance reported on the Bank Statement at 1/1/18 was $2000 CR and $1000 CR at 31/1/18. This means that ...

• The cash balance has increased by $1000.

• The cash balance has decreased by $1000.

• The cash balance has increased by $3000.

• The cash balance has decreased by $3000.

The balance reported on the Bank Statement at 1/7/18 was $2000 CR and $1000 DR at 31/7/18. This means that ...

• The cash balance has increased by $1000.

• The cash balance has decreased by $1000.

• The cash balance has increased by $3000

• The cash balance has decreased by $3000.

Direct debits are …

• Identified on the Bank Statement and added to the Cash Receipts Journal.

• Identified in the Cash Receipts Journal and added to the Bank Statement

• Identified in the Cash Payments Journal and added to the Bank Statement

• Identified on the Bank Statement and added to the Cash Payments Journal.

Direct credits are ...

• Identified on the Bank Statement and added to the Cash Receipts Journal.

• Identified in the Cash Receipts Journal and added to the Bank Statement

• Identified in the Cash Payments Journal and added to the Bank Statement

• Identified on the Bank Statement and added to the Cash Payments Journal.

On 1/1/22 the balance was $3000 CR. On that same day the business paid $5000 and received $4000. The new balance would be ...

• $2000 liability

• $2000 asset

• $4000 liability

• $4000 asset