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Accounting Test Time BRS 2 Video Lecture - Commerce
FAQs on Accounting Test Time BRS 2 Video Lecture - Commerce
| 1. What is the purpose of a bank reconciliation statement (BRS)? |  |
Ans. A bank reconciliation statement is prepared to compare the bank balance shown in the organization's books with the balance shown on the bank statement. It helps identify any discrepancies between the two and ensures that all transactions are accurately recorded.
| 2. What are the common reasons for differences between the bank balance and the book balance in a BRS? | |
Ans. Some common reasons for differences between the bank balance and book balance in a bank reconciliation statement include outstanding checks, deposits in transit, bank fees or charges, interest earned, and errors made by either the bank or the organization in recording transactions.
| 3. How do outstanding checks affect the bank reconciliation statement? | |
Ans. Outstanding checks refer to checks issued by the organization but not yet presented to the bank for payment. They decrease the bank balance in the book balance column of the BRS. Once these checks are presented and cleared by the bank, the organization's bank balance will be adjusted accordingly.
| 4. What is the significance of deposits in transit in a BRS? | |
Ans. Deposits in transit are deposits made by the organization but not yet recorded by the bank. They increase the bank balance in the book balance column of the BRS. These deposits need to be considered to ensure that the organization's bank balance matches the bank statement balance accurately.
| 5. How can errors be identified and corrected in a bank reconciliation statement? | |
Ans. Errors in a bank reconciliation statement can be identified by carefully comparing the bank statement and the organization's records. If a discrepancy is found, it is necessary to review the transaction details and investigate any possible errors made. Once identified, errors can be corrected by adjusting the relevant entries in the organization's books or by contacting the bank for clarification and necessary adjustments.
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Nov 08, 2024 Last updated |
Accounting Test Time BRS 2 for Commerce2024 is part of Commerce preparation. The notes and questions for Accounting Test Time BRS 2
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