Bank Reconciliation Statement Test 9

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Bank Reconciliation Statement Test 9

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Weekly Quiz Competition

Question 1
1 / -0

When the balance as per Pass Book is the starting point, direct payments by bank are __________.

A
added in the bank reconciliation statement

B
subtracted in the bank reconciliation statement

C
not required to be adjusted in the bank reconciliation statement

D
None of the above

Solution

When direct payments by bank are done , it leads to decrease in the pass book balance but these entries would not be entered in the bank column of the cash book and the later would show a higher balance.
So, when the balance as per pass book is the starting point, direct payments by bank are to be added in the bank reconciliation statement to reach the bank balance as per cash book.
Question 2
1 / -0

Debit balance as per Cash Book of ABC Enterprises as on 31.3.2005 is 1,500. Cheques deposited but not cleared amount to 200 and Cheques issued but not presented of 150. The bank allowed interest amounting 50 and collected dividend 50 on behalf of ABC Enterprises. Balance as per pass book should be _______ .

A
1,600

B
1,450

C
1,850

D
1,550

Solution
Question 3
1 / -0

A debit balance in the depositors Cash Book will be shown as _________.

A
a debit balance on the Bank Statement

B
a credit balance on the Bank Statement

C
an overdrawn balance on the Bank Statement

D
none of the above

Solution

Balance as per cash book is opposite of passbook. Therefore, A debit balance in the depositors Cash Book will be shown as a credit balance on the Bank Statement.
Question 4
1 / -0

When balance as per Cash Book is the starting point, interest charged by Bank is ____________.

A
added in the bank reconciliation statement

B
subtracted in the bank reconciliation statement

C
not required to be adjusted in the bank reconciliation statement

D
None of the above

Solution

Interest charged by bank would lead to decrease in the bank balance but, it would not be entered in the cash book until and unless the account holder views it in his pass book.
So when the balance as per cash book is the starting, interest charged by bank is subtracted in the bank reconciliation statement to reach the pass book balance.
Question 5
1 / -0

Unfavourable balance as per pass book means which of the following?

A
Dr. balance in cash book.

B
Cr. balance in pass book.

C
Bank overdraft.

D
None of the above.

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 if there is unfavourable balance as per pass book with respect to the account holder, it means that the pass book is showing a debit balance which is also known as bank overdraft.
Question 6
1 / -0

When businessman takes money from bank out of its account it is known as _________.

A
withdrawal

B
deposit

C
expenses

D
liability

Solution

The bank is a keeper of our money and safeguards it also paying an interest.
If any money is taken from the bank it is called 'withdrawal', which is the right of the account holder, to withdraw as per his wish within the limits as prescribed by the respective banks.
Question 7
1 / -0

________ is a copy of the clients account in the bank's ledger.

A
Cash book

B
Pass book

C
Cheque book

D
Pay-in-slip book

Solution

The pass book is just 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. From his point of view he would be having a negative balance in his account and hence a liability/payable.
Question 8
1 / -0

Unfavourable balance as per cash book means which of the following?

A
Cr. balance in pass book.

B
Dr. balance in cash book.

C
Bank overdraft.

D
None of the above.

Solution

The cash book is an 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 if there is unfavourable balance as per cash book it means that the cash book is showing a credit balance which is also known as bank overdraft.
Question 9
1 / -0

A debit balance in the depositor's cash book will be shown as ___________.

A
a debit balance in the bank statement

B
a credit balance in the bank statement

C
an overdrawn balance in the bank statement

D
none of the above

Solution

A bank statement is an extract from bank ledger and hence it is to be read from bank's view point which shows a credit balance in the pass book.
It is the position of customer in bank records. So if a debit balance is shown in depositor's cash book an opposite position will be shown in the bank books i.e credit balance.
Question 10
1 / -0

When businessman pays money to bank it is known as _________________.

A
withdrawal

B
deposit

C
expenses

D
liability

Solution

The bank is a keeper of our money and safeguards it also paying an interest.
If any money is paid to the bank which is not in a form of interest or penalty or any fees, it is a deposit which is payable by bank on demand.

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Re-Attempt Weekly Quiz Competition

Bank Reconciliation Statement Test 9

Result

Bank Reconciliation Statement Test 9

Score

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Rank

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SHARING IS CARING

Question 1

added in the bank reconciliation statement

subtracted in the bank reconciliation statement

not required to be adjusted in the bank reconciliation statement

None of the above

Solution

Question 2

1,600

1,450

1,850

1,550

Solution

Question 3

a debit balance on the Bank Statement

a credit balance on the Bank Statement

an overdrawn balance on the Bank Statement

none of the above

Solution

Question 4

added in the bank reconciliation statement

subtracted in the bank reconciliation statement

not required to be adjusted in the bank reconciliation statement

None of the above

Solution

Question 5

Dr. balance in cash book.

Cr. balance in pass book.

Bank overdraft.

None of the above.

Solution

Question 6

withdrawal

deposit

expenses

liability

Solution

Question 7

Cash book

Pass book

Cheque book

Pay-in-slip book

Solution

Question 8

Cr. balance in pass book.

Dr. balance in cash book.

Bank overdraft.

None of the above.

Solution

Question 9

a debit balance in the bank statement

a credit balance in the bank statement

an overdrawn balance in the bank statement

none of the above

Solution

Question 10

withdrawal

deposit

expenses

liability

Solution

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