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3 cards from this section. Quick, good the night before a test.
What is the cash book balance in the example?
Refer to the balance noted in the section.
List one reason why banks charge fees.
Think of the services the bank provides.
What is the purpose of a Bank Reconciliation Statement?
Remember the goals of auditing and financial checks.
True or False: Outstanding checks are funds the bank has already processed.
Consider what an 'outstanding' state means.
A company has a cash book balance of ₹12,000 and a bank statement showing ₹15,000. It has deposits in transit of ₹3,000, outstanding checks of ₹2,500, and bank charges of ₹400. Create a detailed Bank Reconciliation Statement.
Carefully track each step while adjusting the cash book balance.
If a company regularly finds discrepancies in its reconciliations, what strategies could it implement to prevent this?
Evaluate errors, training, and technological aids.
4 more questions in this section. Enroll free to practise them all.
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