Bank Reconciliation Statement Test

Result

Bank Reconciliation Statement Test - 4

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

A schedule showing the items of difference between the bank statement and the bank column of Cash Book is known as

A
Ledger

B
Trial balance

C
Bank Reconciliation Statement

D
Journal

Solution

There may be certain transactions which may not show the in bank pass book or cash book bank column such as cheques deposited into the bank but not yet collected, cheques issued but not yet presented for payment, bank charges debited by the bank, etc, whihc will lead to difference in the balance of the two. so a schedule called Bank Reconcialiation statement is prepared in order to match the two.
Question 2
1 / -0

Following items should be added which increase the pass book balance and decrease the cash book balance except

A
Cheques paid into the bank but dishonored

B
Amount directly deposited by the customers in our bank A/c

C
Credits made by the bank for Interest.

D
Cheques issued but not yet presented.

Solution

If we are going from pass book to cash book, then cheques paid into bank, but dishonored should be added to pass book and if we are going from cash book to pass book we will have to deduct the same transaction in order to reconcile the cash book and pass book.
Question 3
1 / -0

The book in which every account is maintained is

A
Capital

B
Ledger

C
Liability

D
Assets

Solution

Ledger is the permanent storehouse of all the transactions. It contains a classified and permanent record of all the transactions of a business.
Question 4
1 / -0

Dr. stands for _____ and Cr stands for _____

A
Debtor, Creditor

B
Debit, Credit

C
Debit, Creditor

D
Debit, Capital

Solution

Every transaction has two aspects i.e one is debit and its coreesponding credit aspect of the same amount. Dr and Cr is the abbrevaition used for the debit and credit respectively.
Question 5
1 / -0

______ is a written document drawn upon a specified banker and payable on demand

A
Pay-in-slip

B
Cheque

C
Credit Note

D
Debit note

Solution

A Cheque is the recognised negotiable instrument which instructs the specified banker to pay the amount due to the bearer or the name mentioned in the cheque.
Question 6
1 / -0

In ledger account use the word _____ with accounts which appear on the debit side and _____ on the credit side

A
To, By

B
From, To

C
By, To

D
From, By

Solution

On the debit side of the ledger we write "To" and on the credit side of the ledger we write "By"
Question 7
1 / -0

Arrange the following sequence of process of recording the transaction
(a) Identification of financial transactions
(b) Application of rule of debit and credit
(c) Analysis of transactions
(d) Recording the Journal. Options are as follows

A
a, c, b, d

B
a, c, d, b

C
c, a, b, d

D
a, b, c, d

Solution

The procedure for recording of transaction is first to identify the financial transaction, and then analysis of the transactions which accounts are involved and the the rules of debit and credit will be applied and then the journal entry will be passed.
Question 8
1 / -0

Received Rs 3800 from Varun in full settlement of a claim of Rs 4000. This transaction is an example of

A
Transfer Entries

B
Compound entries

C
Single entries

D
Open Entries

Solution

The Journal entry will be

Cash A/c...................Dr     3800

Discount A/c .............Dr      200

   To Varun's A/c.........                    4000

As more than two accounts are involved therefore it is compound entry.
Question 9
1 / -0

Journal entry for Goods distributed as a free sample will be

A

Goods A/c Dr

To Purchase A/c

B

Advertisement A/c Dr

To Purchase A/c

C

sample A/c Dr

To Purchase A/c

D

Distribution A/c Dr

To Purchase A/c

Solution

When goods are distributed as samples it is the promotion and advertisement of the product of the firm, so advertisement which is an expense is debited as it is increasing and our purchase account is reducing as stock reduces from the firm so we credit purchase account.
Question 10
1 / -0

When cheque received from customer and not deposited into bank same day.Whci account should be debited

A
Customer’s personal A/c

B
Cheques in hand A/c

C
Bank A/c

D
None

Solution

The cheques which are not deposited in the bank on same day will neither affect bank and cash. So we debit cheques in hand a/c as cheques received are assets and they are increasing so it is debited.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Goods A/c	Dr
To Purchase A/c

Advertisement A/c	Dr
To Purchase A/c

sample A/c	Dr
To Purchase A/c

Distribution A/c	Dr
To Purchase A/c

Bank Reconciliation Statement Test - 4

Result

Bank Reconciliation Statement Test - 4

Score

-

Rank

-

SHARING IS CARING

Question 1

Ledger

Trial balance

Bank Reconciliation Statement

Journal

Solution

Question 2

Cheques paid into the bank but dishonored

Amount directly deposited by the customers in our bank A/c

Credits made by the bank for Interest.

Cheques issued but not yet presented.

Solution

Question 3

Capital

Ledger

Liability

Assets

Solution

Question 4

Debtor, Creditor

Debit, Credit

Debit, Creditor

Debit, Capital

Solution

Question 5

Pay-in-slip

Cheque

Credit Note

Debit note

Solution

Question 6

To, By

From, To

By, To

From, By

Solution

Question 7

a, c, b, d

a, c, d, b

c, a, b, d

a, b, c, d

Solution

Question 8

Transfer Entries

Compound entries

Single entries

Open Entries

Solution

Question 9

Goods A/c Dr To Purchase A/c

Advertisement A/c Dr To Purchase A/c

sample A/c Dr To Purchase A/c

Distribution A/c Dr To Purchase A/c

Solution

Question 10

Customer’s personal A/c

Cheques in hand A/c

Bank A/c

None

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.

Goods A/c Dr

To Purchase A/c

Advertisement A/c Dr

To Purchase A/c

sample A/c Dr

To Purchase A/c

Distribution A/c Dr

To Purchase A/c