Bank-Reconcilation-Statement-Preparation

Question 1

Is a process of comparing the information in a business accounting records of a cash-in-bank account with the corresponding information on a bank statement.

Answer 1

Bank Reconciliation

Question 2

It is a report that is prepared for the purpose of bringing the book cash balance and the bank cash balance into agreement.

Answer 2

Bank Reconciliation Statement

Question 3

1.Outstanding checks.

Answer 3

B.Deduct from bank balance

Question 4

2. Interest income credited to the bank account of the business.

Answer 4

C. Add to book balance

Question 5

3. A company received P890 from a customer and correctly deposited it in the bank. However, the bookkeeper recorded it in its book as P980. How is the difference of P90 be recorded as adjusting entry?

Answer 5

D. Deduct from book balance

Question 6

4. The bank accidentally charged your bank account with bank fees of another company.

Answer 6

A. Add to bank balance

Question 7

5. A company deposited to its current account a check from a customer. The check was returned to the company the following day with the notation “account closed”.

Answer 7

D. Deduct from book balance