Practice Format Of Bank Reconciliation Statement (3.4) - Bank Reconciliation Statement

Practice: Format of Bank Reconciliation Statement

Lesson 3.4Bank Reconciliation Statement

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9 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the first entry in a Bank Reconciliation Statement?
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Think about where we start in the reconciliation process.
Question 2.
Name one adjustment we add in the BRS.
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What would be missing from the bank statement?
3Question 3.
What is the first step in the Bank Reconciliation Statement?
- Adjust for errors
- Compare balances
- Prepare the final statement
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Consider how you start any comparison.
4Question 4.
True or False: Outstanding checks should be added to the cash book balance.
- True
- False
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Think about whether these checks have cleared.
Question 5.
Your cash book shows ₹10,000, with outstanding checks totaling ₹1,500, bank charges of ₹250, and a deposit in transit of ₹3,000. What is your adjusted cash book balance and how does it compare to the potential bank statement?
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Ensure you follow the add and subtract steps correctly.
Question 6.
If a bank error resulted in an overstatement of ₹500 in your bank statement, how would you reflect this in your Bank Reconciliation Statement?
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Think about adjustments needed to fix errors.

5 more questions in this section. Enroll free to practise them all.