Quiz 42 – Bank Reconciliation – (Answers)

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  • Name – Quiz 42 – Bank Reconciliation – (Answers)
  • Topic – Bank Reconciliation
  • Answers with Explanation

 

Q1. The statement which reconciles the bank balance as per the cash book with the balance as per the passbook by showing all the causes of differences is known as _____.

Ans. The statement which reconciles the bank balance as per the cash book with the balance as per the passbook by showing all the causes of differences is known as Bank Reconciliation Statement.

 

Q2. Any undue delay in the clearance of cheques will be shown in the reconciliation.

Ans. The following statement is True. Any undue delay in the clearance of cheques will be shown in the reconciliation.

 

Q3. _____ is merely a copy of the customer’s account in the books of a bank.

Ans. Bank passbook is merely a copy of the customer’s account in the books of a bank.

 

Q4. When the balance as per Cash Book is the starting point, direct deposits by customers are:

Ans. When the balance as per Cash Book is the starting point, direct deposits by customers are: Added.

 

Q5. When the balance in the cash book is first adjusted for certain adjustments before taking it to the bank reconciliation statement, then it is known as _____.

Ans. When the balance in the cash book is first adjusted for certain adjustments before taking it to the bank reconciliation statement, then it is known as the Adjusted cash book balance.

 

Q6. Errors occurring in the passbook are not to be adjusted in the cash book.

Ans. The following statement is True. Errors occurring in the passbook are not to be adjusted in the cash book.

 

Q7. Bank overdraft is the amount _____ by a business from a bank in excess of deposits up to a prescribed limit.

Ans. Bank overdraft is the amount withdrawn by a business from a bank in excess of deposits up to a prescribed limit.

 

Q8. Bank Reconciliation Statement is prepared by the bank.

Ans. The following statement is False. Bank Reconciliation Statement is prepared by individual/business.

 

Q9. Debit balance of the passbook represents _____.

Ans. Debit balance of the passbook represents an overdraft.

 

Q10. Interest credited in the passbook is an income to the _____.

Ans. Interest credited in the passbook is an income to the customer.

 


 

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