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Bank Reconciliation Statement Test 20

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Bank Reconciliation Statement Test 20
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Weekly Quiz Competition
  • Question 1
    1 / -0
    While preparing a Bank Reconciliation Statement taking the balance as per Cash Book as the starting point, An under cast of withdrawal column in pass Book is: 
  • Question 2
    1 / -0
    One outgoing cheque of Rs. 112 recorded as Rs. 121 in the Cash Book. (Note: This cheque was presented in the Bank). When the balance as per Cash Book is the starting point.
  • Question 3
    1 / -0
    The biggest factor in determining the price of a mortgage is:
  • Question 4
    1 / -0
    Deposit column of pass book showed a wrong entry of Rs. 112. When the balance as per Cash Book is the starting point __________ .
    Solution
    Since, a wrong deposit of Rs. 112 is shown in the paasbook because of which the bank balance as per the paasbook increased, therefore, such amount shall also be added to bank balance as per cashbook in the bank reconciliation statement to reconcile both the balances.
  • Question 5
    1 / -0
    Withdrawl column of the Pass Book showed a wrong entry of Rs. 112. When the balance as per Cash Book is the starting point __________.
  • Question 6
    1 / -0
    Ram paid 900 in full settlement of a debt of 950 which was written off a bad in the previous year.
  • Question 7
    1 / -0
    Which of the following accounts is increased by credit entries?
    Solution
    Bank overdraft is a bank loan taken for short duration and is considered as current liability. If any further amount is withdrawn from this account, this will increase the amount of bank overdraft.
  • Question 8
    1 / -0
    When the overdraft as per Cash Book is the starting point, a cheque of Rs.1,00,000 deposited into Bank but not recorded in Cash Book will be:
    Solution
    Bank reconciliation statement is prepared by taking one of the balances of cash book or pass book, accommodating all the differences between the two and finally arriving at the other balance. Cheque deposited directly into the bank, without recording in the cash book increases the balance as per pass book as compared to cash book. So, when overdraft balance as per cash book is the starting point, a cheque of Rs. 1,00,000 will be added to arrive at the balance as per pass book.
  • Question 9
    1 / -0
    Which one of the following is not taken into account in adjusting the cash balance?
    Solution
    Mistakes done in pass book will not give any impact to the cash book balance.
    Pass book is a summary of statement of bank account which gives the records of all bank transactions. This is updated by the banks on a regular basis. Any mistakes in pass book need to be rectified by the bank and there is no requirement of making the adjustment in cash balance. 
  • Question 10
    1 / -0

    When balance as per Pass Book is the starting point, Insurance Premium paid by bank is _____________.

      Solution
      Insurance premium paid is an expense for the business. When it is paid by the bank on behalf of the business, it reduces the balance in the pass book. However, it has not been recorded in the cash book yet. This results in the balance as per pass book to reduce when compared with balance as per cash book. So, when balance as per pass book is the starting point, insurance premium paid is added to arrive at the balance as per cash book.
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