Bank Reconciliation

Bank Reconciliation

11th Grade

10 Qs

quiz-placeholder

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Bank Reconciliation

Bank Reconciliation

Assessment

Quiz

Business

11th Grade

Hard

Created by

GIC IGCSE

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of Bank Reconciliation?

To ensure the accuracy and consistency of financial records by identifying discrepancies between the company's records and the bank statement.

To watch a movie

To walk the dog

To bake cookies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the steps involved in Bank Reconciliation?

Compare bank statement with personal records

Ignore any discrepancies found

Only focus on recording adjustments

Compare bank statement with company records, identify differences, record adjustments, ensure ending balances match

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is Bank Reconciliation important for businesses?

Bank reconciliation is unnecessary for businesses

Bank reconciliation only benefits the bank

Bank reconciliation can be done annually

Bank reconciliation is important for businesses to ensure the accuracy of financial records and identify discrepancies, errors, or fraudulent activities.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of 'outstanding checks' in Bank Reconciliation.

Outstanding checks are checks that have been cleared by the bank

Outstanding checks are checks that are yet to be issued by the company

Outstanding checks are checks that are voided by the bank

Outstanding checks are checks issued by the company but not yet cleared by the bank.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does Bank Reconciliation help in detecting errors or fraud?

Bank reconciliation only focuses on cash transactions, not errors or fraud.

Bank reconciliation is not useful in detecting errors or fraud.

Bank reconciliation involves cooking the books to hide errors or fraud.

Bank reconciliation helps in detecting errors or fraud by comparing the bank statement with the company's records to identify discrepancies.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of comparing the bank statement with the company's records?

It is important to verify the accuracy of financial transactions, detect discrepancies, and ensure proper record-keeping.

To waste time and resources

To improve customer service

To confuse employees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the process of reconciling deposits in Bank Reconciliation.

Reconciling deposits in Bank Reconciliation requires comparing the deposits in the company's books with the deposits on the bank statement, identifying any differences, and making necessary adjustments.

Reconciling deposits involves only looking at the bank statement without comparing it to the company's records

Differences between the deposits in the company's books and the bank statement are ignored

Adjustments are not necessary when reconciling deposits

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