WorksheetsACCOUNTING FOR CASH
Total questions: 16
Worksheet time: 16mins
A bank statement
allows a depositor know the financial position of the bank as of a certain date.
is a credit reference letter written by the depositor's bank.
is a bill from the bank for services rendered.
shows the activity which increased or decreased the depositor's account balance.
A check returned by the bank marked "NSF" means
not satisfactorily filled-out.
non sufficient funds.
no signature found.
no service fee.
A check returned by the bank marked "NSF" means
not satisfactorily filled-out.
not sufficient funds.
no signature found.
no service fee.
In preparing its bank reconciliation for the month of April 2020, Leno, Inc. has available the following information.
Balance per bank statement, 4/30/20 RM76,800
NSF check returned with 4/30/20 bank statement 940
Deposits in transit, 4/30/20 9,000
Outstanding checks, 4/30/20 9,300
Bank service charges for April 60
What should be the adjusted cash balance at April 30, 2020?
RM75,100.
RM75,800.
RM75,920.
RM76,500.
The cash account shows a balance of RM85,000 before reconciliation. The bank statement does not include a deposit of RM5,000 made on the last day of the month. The bank statement shows a collection by the bank of RM2,400 and a customer’s check for RM680 was returned because it was NSF. A customer’s check for RM900 was recorded on the books as RM1,080, and a check written for RM138 was recorded as RM183. The correct balance in the cash account was
RM86,540.
RM86,585.
RM87,400.
RM95,350.
The cash account shows a balance of RM42,000 before reconciliation. The bank statement does not include a deposit of RM9,200 made on the last day of the month. The bank statement shows a collection by the bank of RM4,960 and a customer’s check for RM1,100 was returned because it was NSF. A customer’s check for RM1,380 was recorded on the books as RM1,830, and a check written for RM318 was recorded as RM381. The correct balance in the cash account was
RM45,347.
RM45,473.
RM46,573.
RM54,673
If the month-end bank statement shows a balance of RM75,000, outstanding checks are RM54,000, a deposit of RM15,000 was in transit at month end, and a check for RM4,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is
RM36,000.
.
RM40,000.
RM75,000.
RM118,000.
In preparing its bank reconciliation for the month of April 2020, Sells, Inc. has available the following information.
Balance per bank statement, 4/30/20 RM40,290
NSF check returned with 4/30/20 bank statement 1,450
Deposits in transit, 4/30/20 10,200
Outstanding checks, 4/30/20 15,060
Bank service charges for April 60
What should be the adjusted cash balance at April 30, 2020?
RM33,920.
RM33,980.
RM35,370.
RM35,430.
In preparing its August 31, 2020 bank reconciliation, Oakley Corp. has available the following information:
Balance per bank statement, 8/31/20 RM65,490
Deposit in transit, 8/31/20 10,170
Return of customer’s check not sufficient funds, 8/30/20 1,800
Outstanding checks, 8/31/20 5,820
Bank service charges for August 350
At August 31, 2020, Oakley’s adjusted cash balance is
RM59,670.
RM59,320.
RM69,840.
RM61,140.
On a bank reconciliation, deposits in transit are
added to the bank balance.
deducted from the bank balance.
added to the book balance.
deducted from the book balance.
A bank reconciliation should be prepared
whenever the bank refuses to lend the company money.
when an employee is suspected of fraud.
To explain any difference between the depositor's balance per books and the balance per bank.
by the person who is authorized to sign checks.
A company had a receipt of RM474 and correctly prepared its bank deposit slip for RM474. However, the company recorded the receipt in its cash account as RM747. How is the difference handled on the bank reconciliation?
Deducted from balance of cash book
Added to balance of bank statement
Deducted from balance of bank statement
Added to balance of cash book
No reconciliation needed
The bank charged a company RM20 for check book service. Which reconciliation should be done?
Deducted from balance of cash book
Added to balance of bank statement
Deducted from balance of bank statement
Added to balance of cash book
No reconciliation needed
How to reconcile when an accountant of a company debited the amount of RM100 in cash book account, whereas in bank statement, the amount stated at the debit side too? (assumption; all information in bank is correct)
Deducting RM100 from bank statement balance
Deducting RM100 from cash book balance
Deducting RM200 from bank statement balance
Deducting RM200 from cash book balance
No reconciliation needed
Which is the correct reconciliation relating to deposit received by a company but yet not recorded in bank statement?
Adding to bank statement balance
Deducting to cash book balance
Adding to bank statement balance
Deducting to cash book balance
No reconciliation needed
How to record the adjustment entry for the Non Sufficient Fund stated in this bank reconciliation?
Debit Non sufficient fund, credit bank
Debit accounts receivable, credit bank
Debit accounts payable, credit bank
No adjustment entry needed
