WorksheetsBank reconciliation quiz
Total questions: 14
Worksheet time: 28mins
What is the term for balancing a company's cash account to its bank account?
Account balancing
Bank reconciliation
Adjustment
Cleared balance
In order to perform a bank reconciliation you will need the check register and which of the following?
Bank Statement
Chart of Accounts
Accounts Payable
Accounts Receivable
When check is not paid by the bank, it is called?
Honoured
Endorsed
Dishonoured
Both A & B
A bank reconciliation statement is prepared by?
Banker
Accountant of the business
Auditors
Registrars
The balance on the debit side of the bank column of cash book indicates?
The total amount that has been drawn from the bank
Cash at bank
The total amount overdraft in the bank
None of above
In the cash book, bank charges are recorded on the?
Credit side
Debit side
Both A & B
None of the above
A cheque that has been received by the business from their trade receivable, paid into bank and debited in the cash book but not recorded in the bank statement is called an ____________________ cheque.
Unpresented
Un-credited
Dishonoured
A_____________________ is a copy of the bank's customer's account in the books of the bank.
Cash Book
Bank Reconciliation Statement
Bank Statement
An overdraft will appear as a __________ balance in the cash book
Debit
Credit
A ____________________ is a temporary loan extended by the bank to help the business through a liquidity crisis. It allows the business to withdraw more than they have deposited.
Bank overdraft
Bank Loan
Irrecoverable debt
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
A cash deposit made by customer appears on the bank statement as _______ balance.
Debit
Expenses
Liabilities
Credit
If the bank charges the business fees, the bank makes a debit entry in the bank statement.
True
False
What to be recorded in a bank reconciliation? (more than 1 answer)
add uncredited amount
less uncredited amount
add unpresented cheque
less unpresented cheque
