Quiz #1

Which report compares the bank balance as per company’s accounting records with each balance stated in the bank statement?

• Bank Statement

• Bank Reconciliation Statement

• Cash Book

• Financial Statement

What check is issued when it is recorded in the company’s cash account but have not yet cleared and presented to the bank by the payee ?

• Managers check

• Post-dated check

• Outstanding check

• Bouncing check

Which of the following items will require a journal entry to the company's books?

• Bank service charge

• Deposit in transit        

• Bank error

• Check printing charge

Which is NOT a method of preparing a bank reconciliation statement?

• Adjusted method

• Bank to book method

• Book to bank method

• Straight line method

What are these charges made by the bank to the company for banking services used?

• Generally Accepted form of money

• Includes coins and paper notes

• May include USD, PHP and others

• Bank Charges