Bank reconciliation statement MCQs

11)

_________ Checks that are presented to bank but not yet credited by the bank

A)  Unpresented checksWRONG ANSWER

B)  Uncredited checksRIGHT ANSWER!!!

C)  Outstanding checksWRONG ANSWER

D)  Bounced checksWRONG ANSWER


12)

Uncollected checks also referred as

A)  Unpresented checksWRONG ANSWER

B)  Uncredited checksRIGHT ANSWER!!!

C)  Outstanding checksWRONG ANSWER

D)  Bounced checksWRONG ANSWER


13)

Favourable balance of bank statement implies that

A)  Credit balanceRIGHT ANSWER!!!

B)  Debit balanceWRONG ANSWER

C)  Bank overdraftWRONG ANSWER

D)  Adjusted balanceWRONG ANSWER


14)

Standing orders are ________

A)  Credited in the cash bookRIGHT ANSWER!!!

B)  Debited in the cash bookWRONG ANSWER

C)  Entered in the bank statement WRONG ANSWER

D)  Entered in the petty cash balanceWRONG ANSWER


15)

A company was entered in hire purchase agreement and had to pay $1000 per month.Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

A)  $1000 will be added to cash book balance WRONG ANSWER

B)  $2000 will be deducted from cash book balanceWRONG ANSWER

C)  $3000 will be added to cash book balanceWRONG ANSWER

D)  $3000 will be subtracted from cash book balanceRIGHT ANSWER!!!


16)

$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book

A)  $5000 will be creditedRIGHT ANSWER!!!

B)  $5000 will be debitedWRONG ANSWER

C)  $10,000 will be creditedWRONG ANSWER

D)  $10,000 will be debitedWRONG ANSWER


17)

Bank sent debit advice of $500 to company being interest on overdraft. It wasn't entered in cash book. Identify the correct adjustment in cash book

A)  $500 will be debitedWRONG ANSWER

B)  $500 will be creditedRIGHT ANSWER!!!

C)  Non-adjustableWRONG ANSWER

D)  $1000 will be subtractedWRONG ANSWER


18)

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book

A)  AdjustedRIGHT ANSWER!!!

B)  UnadjustedWRONG ANSWER

C)  UnderstatedWRONG ANSWER

D)  OverstatedWRONG ANSWER


19)

Balance as per cash book(adjusted)=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement

A)  $2000RIGHT ANSWER!!!

B)  ZeroWRONG ANSWER

C)  $3000WRONG ANSWER

D)  $2500WRONG ANSWER


20)

A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

A)  $2000 will be debited in cash bookWRONG ANSWER

B)  $2000 will be credited in cash bookRIGHT ANSWER!!!

C)  $4000 will be debited in cash bookWRONG ANSWER

D)  $4000 will be credited in the cash bookWRONG ANSWER