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WorksheetsBank Reconciliation
Total questions: 15
Worksheet time: 8mins
A bank service charge is an example of unrecorded bank credit.
True
False
A cash deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
What do we call a cheque that the bank refused to pay the payee because the drawer has insufficient funds in his current account?
Stale cheque
NSF cheque
Sad cheque
Dubious cheque
Checks that have been written by a company but have not yet been charged to the company's checking account are referred to as (a) checks.
From a bank's point of view, deposits received from customers are treated as which of the following accounting elements?
Income
Expenses
Assets
Liabilities
Which of the following is included in the Bank Reconciling Items?
Notes Receivable
Bank Fee
Deposit in Transit
NSF
It is a report that is prepared for the purpose of bringing the balances of cash per records and per bank statement into agreement.
Bank statement
Check Disbursement Voucher
Bank reconciliation
Bank deposit slip
These are deposits made but not yet credited by the bank to the depositor’s bank account.
Credit memos (CM)
Debit memos (DM)
Outstanding checks (OC)
Deposits in transit (DIT)
These are deductions made by the bank to the depositor’s bank account but not yet recorded by the depositor.
a. Credit memos (CM)
b. Debit memos (DM)
c. Outstanding checks (OC)
d. Deposits in transit (DIT)
These are additions made by the bank to the depositor’s bank account but not yet recorded by the depositor.
a. Credit memos (CM)
b. Debit memos (DM)
c. Outstanding checks (OC)
d. Deposits in transit (DIT)
These are checks drawn and released to payees but are not yet encashed with the bank.
a. Credit memos (CM)
b. Debit memos (DM)
c. Outstanding checks (OC)
d. Deposits in transit (DIT)
Which of the following is added to the cash balance per books when preparing a bank reconciliation statement?
a. Credit memo (CM)
b. Debit memo (DM)
c. Outstanding check (OC)
d. Deposit in transit (DIT)
Which of the following is added to the cash balance per bank statement when preparing a bank reconciliation statement?
a. Credit memo (CM)
b. Debit memo (DM)
c. Outstanding check (OC)
d. Deposit in transit (DIT)
Which of the following represents a debit memo?
a. Collections made by the bank on behalf of the depositor.
b. Interest income earned by the deposit.
c. Proceeds from loan directly credited or added by the bank to the depositor’s account.
d. Interest expense on a loan that is directly deducted from the depositor’s account.
Which of the following is not a debit memo?
a. Bank service charges
b. No sufficient funds checks (NSF)
c. Automatic debits representing payments of bills by the bank on behalf of the depositor
d. Direct deposits of customers to the depositor’s account
