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Bank Reconciliation

Authored by CINDY VILLANUEVA

Other

University

Used 33+ times

Bank Reconciliation
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When preparing a bank reconciliation, credit memos are added to the balance per bank statement to get an adjusted cash balance.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A bank decreased a depositor's account. To notify the depositor, the bank will issue a credit memo.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A bank statement has a balance of P200. If the credit memos are P20 while the outstanding checks are P10, the adjusted cash balance is P190.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The ledger balance of cash is P100. If the credit memos are P20, deposits in transit are P20, outstanding checks are P10, and NSF checks are P5, the adjusted cash balance is P110.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Credit Memos are deposits made but not yet credited by the bank to the depositor's bank account.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a bank reconciliation, a note receivable collected by the bank is added to the cash balance per ledger.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Certified Checks should be excluded from outstanding checks when preparing bank reconciliation because the bank, when certifying checks , automatically debits the depositor's account

TRUE

FALSE

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