Bank Reconciliation

In order to perform a bank reconciliation you will need the check register and which of the following?

• Bank Statement

• Chart of Accounts

• Accounts Payable

• Accounts Receivable

A bank reconciliation statement is prepared by?

• Banker

• Accountant of the business

• Auditors

• Registrars

In the cash book, bank charges are recorded on the?

• Credit side

• Debit side

• Both A & B

• None of the above

A_____________________ is a copy of the bank's customer's account in the books of the bank.

• Cash Book

• Bank Reconciliation Statement

• Bank Statement

A positive bank balance will appear as a ____________balance in the bank statement

• Debit

• Credit

A positive bank balance will appear as a ______________balance in the cash book.

• Debit

• Credit

What occurs when a customer has withdrawn more funds than were actually in their bank account resulting in the customer owing money to the bank?

• Credit balance

• Overdraft

• Levies

• Transactions

If the Bank Statement balance does not agree with the bank balance of the Cash Book, then _________.

• the Cash Book should be regarded as the correct record of transactions

• the Bank Statement should be regarded as the correct record of transactions

• a Bank Reconciliation Statement should be prepared

• the difference could be either a current asset or current liability

What do we call a cheque that the bank refused to pay the payee because the drawer has insufficient funds in his current account?

• Stale cheque

• Dishonoured cheque

• Sad cheque

• Dubious cheque

In preparing a bank reconciliation statement, which of the following items will not be included in updating the cash book?

• Interest charges

• Unpresented cheque

• Bank charges

• Standing order