WorksheetsTopic 6 : Accounting for cash
Total questions: 15
Worksheet time: 10mins
On the bank statement, cash deposited by the company is known as
Credit
Debit
Liability
Expense
Bank reconciliation statement compares a bank statement with _________
Cash Payment Journal
Cash Receipt Journal
Financial Statements
Cashbook
What is “Deposit in transit” in bank reconciliation?
Added to Bank Balance
Subtracted from Bank Balance
Subtracted from the Cash Book Balance
Added to Cash Book Balance
‘NSF’ marked in cheque sent back by the bank indicates
Cheque has been forged
A bank couldn’t verify the identity
No sufficient money
A cheque cannot be cashed because it’s illegal
Bank service charge:
Add to Book Balance
Deduct from Book Balance
Add to Bank Balance
Deduct from Bank Balance
A company wrote a cheque for RM76 and it cleared the bank for RM76. However, the company recorded the cheque in its Cash account as RM67. How is the difference of RM9 handled on the bank reconciliation?
Add to Book Balance
Deduct from Book Balance
Add to Bank Balance
Deduct from Bank Balance
A company had a receipt of RM989 and correctly prepared its bank deposit slip for RM989. However, the company recorded the receipt in its Cash account as RM998. How is the difference of RM9 handled on the bank reconciliation?
Add to Book Balance
Deduct from Book Balance
Add to Bank Balance
Deduct from Bank Balance
What type of cheques is that which is issued by a firm but not deposited to the bank
Uncredited cheques
Outstanding cheques
Uncollected cheques
Bounced cheques
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 cheque returned by the bank marked "NSF" means
not satisfactorily filled-out.
not sufficient funds.
no signature found.
no service fee.
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 cheque 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
In cash book, the favourable balance indicates
Credit Balance
Debit Balance
Bank Overdraft
Adjusted Balance
