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Bank Reconciliation
Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made.
The balance mentioned in the bank passbook of the statement must tally with the balance mentioned in the cash book. In the statement, all the deposit will be shown in the credit column and withdrawals will be shown in the debit column. However, if the withdrawal exceeds deposit it will show a debit balance (overdraft).
Given below are important MCQs on Bank Reconciliation Statement to analyze your understanding of the topic. The answers are also given for your reference.
Bank Reconciliation Statement MCQs
1. In cash book, the favorable balance indicates
A) Credit Balance
B) Debit Balance
C) Bank Overdraft
D) Adjusted Balance
Answer: B
2. On the bank statement, cash deposited by the company is known as
A) Credit
B) Debit
C) Liability
D) Expenses
Answer: A
3. Bank reconciliation statement compares a bank statement with _________
A) Cash payment journal
B) Cash receipt journal
C) Financial statements
D) Cashbook
Answer: D
4. What is “Deposit in transit” in bank reconciliation?
A) Added to Bank Balance
B) Subtracted From Bank Balance
C) Subtracted From the Cash Book Balance
D) Added to Cashbook Balance
Answer: A
5. ‘NSF’ marked in cheque sent back by the bank indicates
A) Cheque has been forged
B) A bank couldn’t verify the identity
C) No sufficient money
D) A cheque cannot be cashed because it’s illegal
Answer: C
6. Bank reconciliation description is composed of
A) Bank Accountant
B) Business Manager
C) Business Accountant
D) Controller of the bank
Answer: C
7. An unadjusted balance in cash book is because of the result of which error?
A) Deposit in transit
B) The omission of Bank charges
C) Outstanding checks
D) Unpresented checks
Answer: B
8. Unpresented checks also referred to as
A) Bounced checks
B) Outstanding checks
C) Uncredited checks
D) Uncollected checks
Answer: B
9. In cash book, bank charges of ₹5,000 was not recorded. Name the correct cash book adjustment
A) It will be credited in cash book
B) It will be debited in cash book
C) No adjustment needed in the cash book
D) Charges will be added to the cash book balance
Answer: A
10. What type of cheques is that which is issued by a firm but not deposited to the bank
A) Uncredited cheques
B) Outstanding cheques
C) Uncollected cheques
D) Bounced cheques
Answer: B
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