
Bank Reconciliation
Authored by Rowela Salazar
Business
12th Grade
Used 1+ times

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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a bank reconciliation statement?
To calculate taxes owed
To manage payroll
To prepare financial statements
To reconcile the difference between cash book and bank balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a deposit in transit?
An outstanding check
A deposit made but not yet recorded by the bank
A check that has been cashed
A bank service charge
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does NSF stand for in banking terms?
Not Sufficient Funds
Net Savings Fund
National Savings Fund
Non-Standard Fees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method is commonly used for preparing bank reconciliation statements?
Standard Method
Basic Method
Complex Method
Adjusted Method
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an outstanding check?
A check that was lost
A check that has not yet cleared the bank
A check that has been cashed
A check that was written incorrectly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be done if a bank error is discovered?
Change the bank account
Adjust the company's records
Ignore it
Notify the bank
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the bank reconciliation process?
Preparing financial statements
Adjusting the balance per bank
Comparing the adjusted balances
Adjusting the balance per books
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