Bank Reconciliation Quiz
Authored by Elizabeth Roberts
Business
12th Grade
Used 3+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a bank reconciliation?
To identify errors in the company's financial records
To prepare for tax filing
To improve customer relationships
To increase bank fees
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the Christmas period, what is a common issue that might affect bank reconciliations?
Increased bank fees
Delayed bank statements
Higher volume of transactions
Reduced working hours
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is an unrecorded bank fee, what adjustment should be made during bank reconciliation?
Add to the bank statement balance
Subtract from the company's books
Add to the company's books
Ignore the fee
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a typical item to be reconciled?
Outstanding cheques
Direct debits
Cash on hand
Deposits in transit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be done when a discrepancy is found in bank reconciliation?
Ignore the discrepancy
Adjust the bank statement
Report the discrepancy to the bank without any changes
Investigate and resolve the discrepancy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The tradition of hanging stockings by the fireplace originated in America.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mistletoe is considered a symbol of good luck.
True
False
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