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
Cheques deposited but not yet credited by the bank
Deposits made into the bank account not yet recorded by the business
Deposits made into the bank account and recorded by the business
2/11
Which of the following will be recorded in the bank reconciliation statement?
Receipts of cheques or cash not yet credited
Direct payments
Credit transfers
Dishonoured cheques
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
direct deposit of $1,000
cheque of $500 that was recently debited
direct payment of $750
4/11
Bank reconciliation done by the business:
Should be prepared by an employee who records cash transactions
Is for information purposes only
Is part of the business’ internal control system
Is sent to the bank for verification
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 Trade Receivable, credit Cash at bank
Debit Cash at bank, credit Trade Receivable
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.
When cash is deposited directly into the bank account, the Cash at bank account is credited.
The Cash at bank Account has a credit balance when the cash outflows exceed the cash inflows.
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
As a deduction to deposits in transit
As an addition to cheques not yet presented
As a deduction to cheques not yet presented
8/11
9/11
10/11
11/11
