question archive 1) When preparing a bank reconciliation, which of the following items would be subtracted from the bank balance on the bank statement? A) deposits in transit B) bank service charges C) EFT cash payments D) outstanding cheques 2) When preparing a bank reconciliation, which of the following items would be added to the book balance? A) EFT payments B) deposits in transit C) NSF cheques D) EFT cash receipts 3) The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called: A) cancelled cheques B) cheques in transit C) NSF cheques D) outstanding cheques 4) If the balance on the bank statement does not equal the balance in the company's Cash account, then you can conclude that: A) the company accountant made an error in the accounting process B) the bank made an error C) both the company accountant and the bank made errors D) there are some reconciling items that, when identified, will explain the differences between the balances 5) Which of the following items will not cause a difference between the book balance and the bank balance? A) deposits in transit B) bank collections C) cancelled cheques D) outstanding cheques 6) Which of the following, when prepared correctly, ensures that all cash transactions have been accounted for and that the bank and book records of cash are correct? A) bank reconciliation B) bank statement C) bank remittance D) setting up a lock-box system 7) In a bank reconciliation, bank service charges are: A) added to the bank balance on the bank statement B) deducted from the bank balance on the bank statement C) added to the bank balance in the general ledger D) deducted from the bank balance in the general ledger 8) In a bank reconciliation, a deposit in transit is: A) added to the bank balance in the general ledger B) added to the bank balance on the bank statement C) deducted from the bank balance in the general ledger D) deducted from the bank balance on the bank statement 9) In a bank reconciliation, outstanding cheques are: A) added to the bank balance on the bank statement B) added to the bank balance in the general ledger C) deducted from the bank balance on the bank statement D) deducted from the bank balance in the general ledger 10) In a bank reconciliation, a bank error: A) must be added to the bank balance on the bank statement B) must be deducted from the bank balance on the bank statement C) may be added or deducted from the bank balance on the bank statement D) may be added or deducted from the bank balance in the general ledger
1) When preparing a bank reconciliation, which of the following items would be subtracted from the bank balance on the bank statement? A) deposits in transit B) bank service charges C) EFT cash payments D) outstanding cheques 2) When preparing a bank reconciliation, which of the following items would be added to the book balance? A) EFT payments B) deposits in transit C) NSF cheques D) EFT cash receipts 3) The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called: A) cancelled cheques B) cheques in transit C) NSF cheques D) outstanding cheques 4) If the balance on the bank statement does not equal the balance in the company's Cash account, then you can conclude that: A) the company accountant made an error in the accounting process B) the bank made an error C) both the company accountant and the bank made errors D) there are some reconciling items that, when identified, will explain the differences between the balances 5) Which of the following items will not cause a difference between the book balance and the bank balance? A) deposits in transit B) bank collections C) cancelled cheques D) outstanding cheques 6) Which of the following, when prepared correctly, ensures that all cash transactions have been accounted for and that the bank and book records of cash are correct? A) bank reconciliation B) bank statement C) bank remittance D) setting up a lock-box system 7) In a bank reconciliation, bank service charges are: A) added to the bank balance on the bank statement B) deducted from the bank balance on the bank statement C) added to the bank balance in the general ledger D) deducted from the bank balance in the general ledger 8) In a bank reconciliation, a deposit in transit is: A) added to the bank balance in the general ledger B) added to the bank balance on the bank statement C) deducted from the bank balance in the general ledger D) deducted from the bank balance on the bank statement 9) In a bank reconciliation, outstanding cheques are: A) added to the bank balance on the bank statement B) added to the bank balance in the general ledger C) deducted from the bank balance on the bank statement D) deducted from the bank balance in the general ledger 10) In a bank reconciliation, a bank error: A) must be added to the bank balance on the bank statement B) must be deducted from the bank balance on the bank statement C) may be added or deducted from the bank balance on the bank statement D) may be added or deducted from the bank balance in the general ledger
Subject:AccountingPrice: Bought3
1) When preparing a bank reconciliation, which of the following items would be subtracted from the bank balance on the bank statement?
A) deposits in transit
B) bank service charges
C) EFT cash payments
D) outstanding cheques
2) When preparing a bank reconciliation, which of the following items would be added to the book balance?
A) EFT payments
B) deposits in transit
C) NSF cheques
D) EFT cash receipts
3) The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called:
A) cancelled cheques
B) cheques in transit
C) NSF cheques
D) outstanding cheques
4) If the balance on the bank statement does not equal the balance in the company's Cash account, then you can conclude that:
A) the company accountant made an error in the accounting process
B) the bank made an error
C) both the company accountant and the bank made errors
D) there are some reconciling items that, when identified, will explain the differences between the balances
5) Which of the following items will not cause a difference between the book balance and the bank balance?
A) deposits in transit
B) bank collections
C) cancelled cheques
D) outstanding cheques
6) Which of the following, when prepared correctly, ensures that all cash transactions have been accounted for and that the bank and book records of cash are correct?
A) bank reconciliation
B) bank statement
C) bank remittance
D) setting up a lock-box system
7) In a bank reconciliation, bank service charges are:
A) added to the bank balance on the bank statement
B) deducted from the bank balance on the bank statement
C) added to the bank balance in the general ledger
D) deducted from the bank balance in the general ledger
8) In a bank reconciliation, a deposit in transit is:
A) added to the bank balance in the general ledger
B) added to the bank balance on the bank statement
C) deducted from the bank balance in the general ledger
D) deducted from the bank balance on the bank statement
9) In a bank reconciliation, outstanding cheques are:
A) added to the bank balance on the bank statement
B) added to the bank balance in the general ledger
C) deducted from the bank balance on the bank statement
D) deducted from the bank balance in the general ledger
10) In a bank reconciliation, a bank error:
A) must be added to the bank balance on the bank statement
B) must be deducted from the bank balance on the bank statement
C) may be added or deducted from the bank balance on the bank statement
D) may be added or deducted from the bank balance in the general ledger
