Favorable balance of bank statement implies that
Favorable balance of bank statement implies that
Debit balance | |
Credit balance | |
Adjusted balance | |
Bank overdraft |
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Bank Reconciliation Statement mcqs
Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.
Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.
$500 will be credited | |
Non-adjustable | |
$1000 will be subtracted | |
$500 will be debited |
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
Cash book | |
Financial statements | |
Cash payment journal | |
Cash receipt journal |
Bank reconciliation statement is prepared by____________?
Bank reconciliation statement is prepared by____________?
Manager of the business | |
Controller of the bank | |
Accountant of the business | |
Accountant of the bank |
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
Bank charges will be credited in cash book | |
Bank charges will be debited in cash book | |
Bank charges will be added to cash book balance | |
Bank charges need no adjustment in cash book |
Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500.
$2,000 | |
$3,000 | |
$2,500 | |
Zero |
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book.
$4000 will be credited in the cash book | |
$2000 will be credited in cash book | |
$4000 will be debited in cash book | |
$2000 will be debited in cash book |
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
A company was entered in hire purchase agreement and had to pay $1000 per month.
$1000 will be added to cash book balance | |
$3000 will be subtracted from cash book balance | |
$2000 will be deducted from cash book balance | |
$3000 will be added to cash book balance |
A check returned by bank marked “NSF” means that:
A check returned by bank marked “NSF” means that:
Check can’t be cashed being illegal | |
Bank can’t verify your identity | |
There are not sufficient funds in your account | |
Check has been forged |
A cash deposit made by business appears on the bank statement as _______ balance?
A cash deposit made by business appears on the bank statement as _______ balance?
Expenses | |
Debit | |
Credit | |
Liability |
___________ are checks that are issued by the business but not yet presented to bank
___________ are checks that are issued by the business but not yet presented to bank
Bounced checks | |
Uncredited checks | |
Outstanding checks | |
Uncollected checks |
_________ Checks that are presented to bank but not yet credited by the bank.
_________ Checks that are presented to bank but not yet credited by the bank.
Bounced checks | |
Unpresented checks | |
Outstanding checks | |
Uncredited checks |
Which of the following error results in unadjusted cash book balance?
Which of the following error results in unadjusted cash book balance?
Omission of Bank charges | |
Outstanding checks | |
Unpresented checks | |
Deposit in transit |
Unpresented checks also referred as____________?
Unpresented checks also referred as____________?
Uncredited checks | |
Uncollected checks | |
Outstanding checks | |
Bounced checks |
Uncollected checks also referred as______________?
Uncollected checks also referred as______________?
Unpresented checks | |
Uncredited checks | |
Bounced checks | |
Outstanding checks |
Standing orders are ________
Standing orders are ________
Entered in the bank statement | |
Debited in the cash book | |
Entered in the petty cash balance | |
Credited in the cash book |
In the Bank reconciliation statement “Deposit in transit” is usually:
In the Bank reconciliation statement “Deposit in transit” is usually:
Added to bank balance | |
Added to Cash book balance | |
Subtracted from cash book balance | |
Subtracted from bank balance |
Favorable balance of cash book implies that
Favorable balance of cash book implies that
Bank overdraft | |
Debit balance of cash book | |
Credit balance of cash book | |
Adjusted balance of cash book |
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
$10,000 will be credited | |
$5000 will be credited | |
$10,000 will be debited | |
$5000 will be debited |