We have covered Bank Reconciliation Statement in great detail. Now, it is the time to do some quizzes in the form of MCQS (Multiple Choice Questions).
1.Debit balance in cash book is a:
unfavourable balance
favourable balance
2.When preparing bank reconciliation, Cheque in transit is added to:
cash book balance
Bank statement balance
3.Bank reconciliation statement is a:
ledger account
comparison report between actual and standard
comparison of cash book and bank statement
4.How often should the bank reconciliation statement be prepared?
Monthly,
Yearly
Daily
Weekly
5.The main objective of bank reconciliation statement is to identify:
the find cash book bank balance,
to find bank statement balance,
to find out the causes of differences between bank balance as per cash book and as per bank statement.
6.A statement to find out the differences between bank statement and cash book is called:
balance sheet
bank reconciliation statement
profit and loss account.
7.Bank statement is prepared by:
company itself
bank
debtors
creditors
8.Cheque issued but not presented in bank are:
added in balance as per cash book
added in bank statement balance
substracted from bank statement balance
substracted from cash book balance.
9.What is NSF in bank reconciliation terminology:
not standing fund
not sufficeint fund
not sufficient figure
10.Bank reconciliation statement is prepared by the:
auditor
accountant of the company
Company secretary
None of the above.
11.Bank reconciliation statement is prepared in accordance with:
IFRS
US GAAP
None of the above
12.When cheque deposited into bank got rejected due to non availability of funds is called:
NSF
NOF
SFM
13.Bank charges charged by the bank needs to be:
added in cash book balance
substracted from cash book balance
added in bank statement balance
substracted from bank statement balance.
14.Report which is issued to customer from time to time and on-demand is called:
Balance sheet
Profit & loss account
Bank statement
15. Cheque returned by bank due to insufficient fund is called:
Honoured cheque
Dishounoured cheque
None of the above.
Answers: favourable balance, bank balance, comparison of cash book and bank statement,daily, to find out the causes of differences between bank balance as per cash book and as per bank statement, bank reconciliation statement, company itself, substracted from bank statement balance, not sufficeint fund, accountant of the company, None of the above, NSF, substracted from cash book balance, Bank statement, Dishounoured cheque).