Bank Reconciliation

The cash register provides two pieces of information - a cash register docket and a cash register summary.

• True

• False

The bank column in the Cash Receipts journal shows the total amount received on a single day.

• True

• False

The bank column in the Cash Payments journal shows the total paid on a single day.

• True

• False

The total entered in the bank column of the Cash Receipts journal will agree with the total of the bank deposit slip.

• True

• False

Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.

• True

• False

If the final balance of the bank statement is credit, it indicates that the business owes the bank money.

• True

• False

If an error is found to exist in the bank's records, an adjustment may be made in the business's Cash Receipts or Cash Payments journal.

• True

• False

If the bank charges the business fees, the bank makes a credit entry in the bank statement.

• True

• False

Deposits made directly to the bank by parties who owe the business money are already entered in the business's Cash Receipts journal.

• True

• False

The type of transactions recorded in a Cash Receipts journal are:

• all sales of inventories on credit

• all outgoings of cash from the business

• all cash received from any source

• all purchases of inventories on credit