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A bank reconciliation statement is only prepared at the end of the financial year? A
A bank reconciliation statement is only prepared at the end of the financial year?
A. True
B. False
.
.
The items that are recorded on the bank reconciliation statement are those that cause a difference in the balance of the cashbook and the bank statement.
A. True
B. False
.
.
A bank reconciliation statement can only be started with the cashbook balance.
A. True
B. False
.
.
When a cheque is not paid by the bank, it is called?
A. Honoured
B. Endorsed
C. Dishonoured
D. None of the above
.
.
When a bank account balance increases, it is debited on the _______ and credited on
the _______?
A. Bank statement, cashbook
B. Cashbook, bank statement
C. None of the above
.
.
Any decrease in the bank balance is recorded on the _______ side of the cashbook and on the _______ column of the bank statement?
A. Debit, credit
B. Credit, debit
C. None of the above
D. All of the above
Expert Solution
Part 1) OPTION B-------- False
Bank reconciliation statement is prepared periodically .Like it can be done at the end of month too.
Part 2)OPTION A------- True
The items that are recorded on the bank reconciliation statement are those that cause a difference in the balance of cash book and bank statement ( also known as passbook)
Part 3)OPTION B----- False
A bank reconciliation statement normally starts with the cash balance as per bank.
Part 4)OPTION C----- Dishonoured
When cheque is not paid by bank , it is called dishonoured.
Part 5)OPTION B-------- Cash book, Bank Statement
When bank account balance increases, it is debited on cash book and credited on bank statement.
Part 6)OPTION B------ Credit, Debit
Any decrease in bank balance is recorded on credit side of cash book and on debit column of bank statement.
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