BRS

Question 1

a report which compared the bank balance as per company’s (BRS)

Answer 1

BANK RECONCILIATION STATEMENT

Question 2

one of the parties from recording the transaction in the same period as the other party (TL)

Answer 2

TIME LAGS

Question 3

either party in recording transactions (E)

Answer 3

ERRORS

Question 4

the most vulnerable asset of an entity (C)

Answer 4

CASH

Question 5

the balances per bank and per book separately determined (AM)

Answer 5

ADJUSTED METHOD

Question 6

where in the book balance is adjusted to agree with the bank balance (BTBM)

Answer 6

BOOK TO BANK METHOD

Question 7

wherein the bank balance is adjusted to agree with the book balance (BTBM)

Answer 7

BANK TO BOOK METHOD

Question 8

already received and recorded but not yet recorded by the bank (DT)

Answer 8

DEPOSIT IN TRANSIT

Question 9

that have been written and recorded in the company’s cash account (OC)

Answer 9

OUTSTANDING CHECKS

Question 10

mistake make by the bank (BE)

Answer 10

BANK ERRORS

Question 11

fees deducted from the bank statement for the bank’s processing of the checking account activities (BSC)

Answer 11

BANK SERVICE CHARGES

Question 12

occur when a company arranges for its bank to handle the recording of its check (CPC)

Answer 12

CHECK PRINTING CHARGES

Question 13

will appear on the bank statement when a bank gives a company interest on its account balance (IE)

Answer 13

INTEREST EARNED

Question 14

are assets of a company (NR)

Answer 14

NOTE RECEIVABLE