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WorksheetsBank Reconciliation Quiz
Total questions: 10
Worksheet time: 3mins
1. What is the primary purpose of bank reconciliation?
A) To prepare financial statements
B) To compare the company’s cash book with the bank statement and identify differences
C) To calculate income tax
D) To record bank loans
What is a Deposit in Transit?
Bank errors in recording transactions
Deposits made by the company not yet reflected in the bank statement
Cash shortages in the cash book
Bank service charges
What does an outstanding check mean in bank reconciliation?
Checks recorded in the cash book but not yet cleared by the bank
Checks deposited by the bank but not recorded in the cash book
Errors in accounting
Bank fees for issued checks
How often should bank reconciliation ideally be performed?
Daily
Weekly
Monthly
Yearly
What should you do if the bank statement shows a service charge?
Add it to the company's cash balance
Ignore It
Record it as income
Deduct it from the company's cash balance
What does the abbreviation NSF in NSF Check stand for?
Not Secured Fund
Nasa School ang Forever
Not Sure of Funds
Non-Sufficient Funds
Which of the following items should be deducted from the cash book balance in bank reconciliation?
Deposits in transit
Outstanding checks
Customer payments received
Bank service charges
When preparing a bank reconciliation, which of the following is added to the bank statement balance?
Deposits in transit
Outstanding checks
Bank fees
NSF checks
Which of the following is NOT a benefit of performing bank reconciliation?
Detecting errors in the company’s books
Preventing and detecting fraud
Ensuring cash availability
Calculating depreciation
What is the full name of your Speaker?
Mark Anthony Escamilla
Mark Anthony E. Escamilla
Mark Anthony A. Escamilla
Mark Anthony D. Escamilla
