Bank Reconciliations - Financial Accounting
Interactive Video
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Business
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University
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Hard
Wayground Content
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of bank reconciliation?
To audit the bank's records
To prepare financial statements
To match the bank statement with the general ledger
To increase the cash balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might outstanding checks cause a discrepancy in bank reconciliation?
They are checks that have been deposited but not recorded
They are checks that have been written but not yet cleared by the bank
They are checks that have been lost
They are checks that have been canceled
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a deposit in transit?
A deposit that has been recorded in the books but not yet processed by the bank
A deposit that has been recorded in the bank but not in the books
A deposit that has been refunded
A deposit that has been canceled
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do bank service charges affect bank reconciliation?
They decrease the cash balance in the books
They decrease the cash balance in the bank statement
They have no effect on the cash balance
They increase the cash balance in the books
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be done if an error is found during bank reconciliation?
Report the error to the bank
Ignore the error
Wait for the bank to correct the error
Correct the error to ensure the bank statement and books match
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