Financial Accounting

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

Correct! Wrong!

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

Correct! Wrong!

8. Favorable bank balance means:

Correct! Wrong!

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

Correct! Wrong!

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12. Bank reconciliation statement is prepared by:

Correct! Wrong!

11. Bank reconciliation represents:

Correct! Wrong!

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

Correct! Wrong!

14. Unfavorable balance means:

Correct! Wrong!

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

Correct! Wrong!

1. Bank reconciliation statement is :

Correct! Wrong!

13. Bank Reconciliation Statement is a:

Correct! Wrong!

15. Causes of discrepancies are shown by:

Correct! Wrong!

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2. Unfavorable balance of pass book means:

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

Bank Reconciliation Statement MCQs with Answers Quiz # 1
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