Recon's Concept check

The bank in the general ledger account of the business will be favourable on the debit side?

• True

• False

The bank in the general ledger account of the business will be in an overdraft on the debit side?

• True

• False

Bank charges that appear on the bank statement only will be entered into this journal.

• CRJ

• CPJ

Interest received on the current account that appears on the bank statement only will be entered into this journal.

• CRJ

• CPJ

Which of the following is not an advantage of online or internet banking?

• It's cheap

• It's convenient

• It's safe

• It's difficult

Which entry doe not belong in the CPJ looking at the source documents or transaction below?

• EFT (Electronic fund transfer)

• Credit card slip for payment made

• Cash withdrawal from an ATM for petty cash

• A cash deposit at an ATM

The bank balance on the bank statement will be favourable on the _________?

• Debit

• Credit

The bank balance on the bank statement will be favourable on the _________?

• Debit

• Credit

Which of the following statements are not a reason for doing a bank reconciliation.

• To get the business books and the banks books equal

• To check for fraud

• To correct errors or omissions

• To make the financial manager accountable