Bank Reconciliation Statement Quiz
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Preview questions
1. What is the primary purpose of a Bank Reconciliation Statement?
To calculate profit · To compare bank and cash book balances · To prepare financial statements · To assess creditworthiness
2. Which of the following is NOT a reason for differences between bank balance and cash book balance?
Outstanding cheques · Deposits in transit · Bank charges · Sales revenue
3. What is an outstanding cheque?
A cheque that has been cashed · A cheque issued but not yet presented for payment · A cheque that has bounced · A cheque that is post-dated
4. Deposits in transit refer to:
Deposits made but not yet recorded by the bank · Deposits that have been cleared · Deposits that are fraudulent · Deposits made in a different bank
5. Which of the following adjustments is made to the cash book balance?
Outstanding cheques · Deposits in transit · Bank charges · All of the above
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