
Bank Reconciliation
Quiz
•
Business
•
11th Grade
•
Hard
GIC IGCSE
FREE Resource
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10 questions
Show all answers
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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