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Cash and bank reconciliation
Cash and bank reconciliation
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1/11

Which of the following is not a reason for the difference in balances between the

cash at the bank account and the bank statement?

Cheques issued but not yet presented for payment

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Cheques deposited but not yet credited by the bank

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 Deposits made into the bank account not yet recorded by the business

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 Deposits made into the bank account and recorded by the business

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2/11

Which of the following will be recorded in the bank reconciliation statement?

Receipts of cheques or cash not yet credited

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  Direct payments

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Credit transfers

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 Dishonoured cheques

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3/11

he business’ cash at bank account shows a beginning debit balance of $250, whereas the bank statement shows a beginning credit balance of $750.

The difference is due to ________________________.

cheques of $750 not yet presented           

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direct deposit of $1,000

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cheque of $500 that was recently debited           

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direct payment of $750

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4/11

Bank reconciliation done by the business:

Should be prepared by an employee who records cash transactions

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Is for information purposes only 

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 Is part of the business’ internal control system

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 Is sent to the bank for verification

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5/11

A dishonoured cheque received from a credit customer was debited in the bank statement received. What entry is required in the cash at bank account? 

 Debit Other Income, credit Cash at bank             

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 Debit Cash at bank, credit Other Income 

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 Debit Trade Receivable, credit Cash at bank       

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Debit Cash at bank, credit Trade Receivable

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6/11

The following statements describe the business’ Cash at bank Account. Which statement is incorrect?

When debtors settle their debts, the Cash at bank Account is debited. 

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When cash is deposited directly into the bank account, the Cash at bank account is credited. 

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The Cash at bank Account has a credit balance when the cash outflows exceed the cash inflows. 

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The Cash at bank Account can have a debit or credit  balance.

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7/11

On 31 March 2022 Batman Trading received a cheque of $200 which was recorded in the Cash at Bank account, and banked in on the same day. The bank statement for the month of March does not show this $200. How should Batman Trading deal with this $200 in the bank reconciliation statement?

As an addition to deposits in transit 

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As a deduction to deposits in transit 

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As an addition to cheques not yet presented 

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 As a deduction to cheques not yet presented

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8/11

Division of duties amongst employees who manage the business’ cash and bank accounts reduces the risk of errors, irregularities, and fraud.
True 
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False
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9/11

When the book-keeper of a business makes a mistake in recording receipts and disbursements in the cash at bank account, correction of the error is to be done in the bank reconciliation statement.
True
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False
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10/11

When the bank has made an error in the business’ bank statement, correction by the business is to be done in the bank reconciliation statement.
True
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False
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11/11

The adjustment for a dishonoured cheque given by a credit customer during bank reconciliation will result in profit increasing.
True
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False
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