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WorksheetsBank Reconciliation Statement
Total questions: 10
Worksheet time: 8mins
A bank reconciliation statement is
Part of the cash book
Part of Bank account
Part of financial statement
None of the above
A deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
Whenever money is deposited by the business, the credit entry in its records corresponds to a debit entry in the bank's records.
True
False
If the bank charges the business fees, the bank makes a credit entry in the bank statement.
True
False
What occurs when a customer has withdrawn more funds than were actually in their bank account resulting in the customer owing money to the bank?
Credit balance
Overdraft
Levies
Transactions
Deposits made directly to the bank by customers who owe the business money are already entered in the business's Cash Book.
True
False
The type of transactions recorded in a Cash Book are:
all sales of inventories on credit
all outgoings of cash from the business
all cash and cheques received from any source
all purchases of inventories on credit
If the Bank Statement balance does not agree with the bank balance of the Cash Book, then _________.
the Cash Book should be regarded as the correct record of transactions
the Bank Statement should be regarded as the correct record of transactions
a Bank Reconciliation Statement should be prepared
the difference could be either a current asset or current liability
In order to perform a bank reconciliation you will need the cash book journal and which of the following?
Bank Statement
Chart of Accounts
Accounts Payable
Accounts Receivable
In the cash book, bank charges are recorded on the?
Credit side
Debit side
Both A & B
None of the above
