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- 1. Multiple Choice
A bank reconciliation statement is
Part of the cash book
Part of Bank account
Part of financial statement
None of the above
- 2. Multiple Choice
A deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
- 3. Multiple Choice
Whenever money is deposited by the business, the credit entry in its records corresponds to a debit entry in the bank's records.
True
False
- 4. Multiple Choice
If the bank charges the business fees, the bank makes a credit entry in the bank statement.
True
False
- 5. Multiple Choice
What occurs when a customer has withdrawn more funds than were actually in their bank account resulting in the customer owing money to the bank?
Credit balance
Overdraft
Levies
Transactions
- 6. Multiple Choice
Deposits made directly to the bank by customers who owe the business money are already entered in the business's Cash Book.
True
False
- 7. Multiple Choice
The type of transactions recorded in a Cash Book are:
all sales of inventories on credit
all outgoings of cash from the business
all cash and cheques received from any source
all purchases of inventories on credit
- 8. Multiple Choice
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
- 9. Multiple Choice
In order to perform a bank reconciliation you will need the cash book journal and which of the following?
Bank Statement
Chart of Accounts
Accounts Payable
Accounts Receivable
- 10. Multiple Choice
In the cash book, bank charges are recorded on the?
Credit side
Debit side
Both A & B
None of the above
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