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Bank Reconciliation Statement Test 8

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Bank Reconciliation Statement Test 8
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A Bank Reconciliation Statement is prepared by _________.
    Solution
    A bank reconciliation statement is generally prepared by the company accountant or book keeper to reconcile the closing balance of cash book (bank column) in own records  as per the bank's records (pass book). Thus, it is prepared by the account holders or customers i.e business and not the bankers. It is normally prepared at the end of the month.
  • Question 2
    1 / -0
    When balance as per passbook is starting point,cheque issued but not presented for payment are ____ for the purpose of reconciliation of balance with cash book
  • Question 3
    1 / -0
    A bank reconciliation statement is prepared with the balances of ________.
    Solution
    Bank Reconciliation statement is prepared in order to reconcile the balance as per the bank pass book and balance as per the cash account maintained by the business in the form of cash book after taking into consideration other aspects like cheques issued but not presented for payment, cash in transit, cheque in transit, etc.
  • Question 4
    1 / -0
    The balance of cash book shows ____________.
    Solution
    Cash book is  maintained to record the cash receipts and cash payments. So if we start with some cash balance in hand then add cash receipts and deduct cash expenses the balance figure what we get is  the cash we have in the end. 
  • Question 5
    1 / -0
    Bank reconciliation statement is prepared to reconcile ___________.
    Solution
    Bank reconciliation statement is a statement which to prepared to reconcile the cash and bank balance.
  • Question 6
    1 / -0
    A Bank Reconciliation Statement is prepared with the help of ______________.
    Solution
    To reconcile means to find out the differences if any between two or more things and eliminate it. Now, in case of any banking transactions for each deposit or withdrawal the entry is recorded at two places.
    • The pass book / bank statement maintained by the bank and
    • The bank column of the cash book maintained by the account holder.
    These two books are opposites of each other which means if one shows credit balance then the other would reflect a debit balance of the exact same amount. But due to reasons like timing differences the balances of both these books do not match. 
    So, to reconcile the same a bank reconciliation statement is prepared. The aim while preparing a bank reconciliation statement is to take either pass book or cash book  balance as the starting point, to add or deduct certain entries and reach the balance of the other book ie, if cash book balance is the starting point then after reconciling we should reach at pass book balance.
  • Question 7
    1 / -0
    When a cheque received on a particular date is not deposited the same day into bank, it is entered in ________________.
    Solution
    When a cheque received is not deposited on the same day, it is taken in the cash account and when it is deposited in bank, then a contra entry is passed. 
    For example cheque received from Ram on 15th March is deposited on 18th March, following entries will be passed: 15/3 Cash A/c Dr.
  • Question 8
    1 / -0
    A pass book is a copy of _________________ .
    Solution
    A passbook is a copy of customer's account in the bank's books. it is prepared by the bank and shows all the transactions of a customer like deposits, withdrawals, interest payment / receipt etc. with the bank from the point of view of the bank.
  • Question 9
    1 / -0
    A bank reconciliation statement is prepared with the balance of __________ .
    Solution
    To reconcile means to find out the differences if any between two or more things and eliminate it. Now, in case of any banking transactions for each deposit or withdrawal the entry is recorded at two places.
    • The pass book maintained by the bank and
    • The cash book maintained by the account holder.
    These two books are opposites of each other which means if one shows credit balance then the other would reflect a debit balance of the exact same amount. But due to reasons like timing differences the balances of both these books do not match. 
    So, to reconcile the same a bank reconciliation statement is prepared. The aim while preparing a bank reconciliation statement is to take either pass book or cash book  balance as the starting point, to add or deduct certain entries and reach the balance of the other book ie, if cash book balance is the starting point then after reconciling we should reach at pass book balance.
  • Question 10
    1 / -0
    Unfavorable bank balance means ________________.
    Solution
    The cash book is a  account statement as maintained by the account holder. So if the cash book reflects a credit balance it means that the account is in the nature of a creditor/payable for the account  holder and  it would be the opposite for the bank.
    The pass book is a copy of the account statement as maintained by the bank. So if the pass book reflects a debit balance it means that the account is in the nature of a debtor/receivable for the bank and  it would be the opposite for the account holder.
    So from the account holder's  point of view he would be having a negative/unfavourable  balance in his account in both the above situations whereas for the bank it would be the opposite.
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