Bank Reconciliation Statement – MCQs with Answers – Quiz 1

Bank Reconciliation Statement – MCQs with Answers

Bank Reconciliation Statement is very helpful tool for businesses to keep a check on their finacial transactions with banks.  we simply define it as ” A summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.”

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5. The payment side of cash book is understated by Rs.200.:

Rs. 200 added

Rs. 200 deducted

Rs. 400 added

Rs. 400 deducted

Correct! Wrong!

7. An amount of Rs.50 debited by bank as bank charges:

Credit in cash book

Credit in pass book

Credit in cash payment journal

Record in cash Receipt journal

Correct! Wrong!

4. Disagreement balance of cash book and pass book is known through:

Pass book

Subsidiary book

Petty cash book

Bank reconciliation statement

Correct! Wrong!

10. The periodical returns sent by bank to customer is called:

Income Statement

Bank Statement

Bank Reconciliation Statement

Ledger Statement

Correct! Wrong!

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12. Bank reconciliation statement is prepared by:

Banker

Accountant

Auditor

None of these

Correct! Wrong!

9. When bank column of cash book shows a debit balance, it means:

Overdraft Balance

Bank Balance

Favorable Balance

Unfavorable Balance

Correct! Wrong!

3. In adjusting the Cash Book balance one of the following is not taken into account.

Mistake

Mistake in pass book

Mistake in cash book

Correct! Wrong!

11. Bank reconciliation represents:

Ledger

Journal

Statement

“a’ & ‘c’ Both

Correct! Wrong!

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15. Causes of discrepancies are shown by:

Bank statement

Cash book

Bank reconciliation statement

Revised cash book

Correct! Wrong!

1. Bank reconciliation statement is :

Ledger

A Journal

A Book

A memorandum statement

Correct! Wrong!

6. An amount of Rs.1000 is debited twice in bank statement, the effect of it on cash book:

Rs. 1000 added

Rs. 2000 deducted

Rs. 1000 deducted

Rs. 2000 added

Correct! Wrong!

2. Unfavorable balance of pass book means:

Debit balance of pass book

Debit balance of cash book

Crdit balance of pass book

None of these

Correct! Wrong!

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8. Favorable bank balance means:

Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Correct! Wrong!

14. Unfavorable balance means:

Credit balance in the pass book

Credit balance in the cash book

Debit balance in the bank statement

b’ & ‘c’ Both

Correct! Wrong!

13. Bank Reconciliation Statement is a:

A memorandum statement

A ledger account

A part of cash book

None of these

Correct! Wrong!

Bank Reconciliation Statement MCQs with Answers Quiz # 1

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