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Page 1 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Page 2 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel MCQ 1:When the balance as per Cash Book is the starting point, direct deposits by customers are : a)added b)subtracted; c)not required to be adjusted d)neither of the two Answer: a Page 3 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel MCQ 1:When the balance as per Cash Book is the starting point, direct deposits by customers are : a)added b)subtracted; c)not required to be adjusted d)neither of the two Answer: a MCQ 2:A Bank Reconciliation Statement is a a)part of Cash Book; b)part of Bank Account; c)part of financial statements, d)none of the above. Answer:d Page 4 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel MCQ 1:When the balance as per Cash Book is the starting point, direct deposits by customers are : a)added b)subtracted; c)not required to be adjusted d)neither of the two Answer: a MCQ 2:A Bank Reconciliation Statement is a a)part of Cash Book; b)part of Bank Account; c)part of financial statements, d)none of the above. Answer:d MCQ 3: When balance as per Pass Book is the starting point, interest allowed by Bank is a)added b)subtracted c)not required to be adjusted d)None of the above. Answer:b Page 5 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel MCQ 1:When the balance as per Cash Book is the starting point, direct deposits by customers are : a)added b)subtracted; c)not required to be adjusted d)neither of the two Answer: a MCQ 2:A Bank Reconciliation Statement is a a)part of Cash Book; b)part of Bank Account; c)part of financial statements, d)none of the above. Answer:d MCQ 3: When balance as per Pass Book is the starting point, interest allowed by Bank is a)added b)subtracted c)not required to be adjusted d)None of the above. Answer:b MCQ 4:A Bank Reconciliation statement is prepared with the help of: a) Bank statement and bank column of the Cash Book. b) Bank statement and cash column of the Cash Book. c) Bank column of the Cash Book and cash column of the Cash Book d) None of the above. Answer:aRead More
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FAQs on MCQ - Bank Reconciliation Statement - Principles and Practice of Accounting - CA Foundation
| 1. What is a Bank Reconciliation Statement? |  |
Ans. A Bank Reconciliation Statement is a statement prepared by a company or an individual to compare their bank account balance with their financial records. The statement is used to identify any differences between the two balances and then reconcile them by adjusting the financial records accordingly.
| 2. Why is a Bank Reconciliation Statement important? | |
Ans. A Bank Reconciliation Statement is important for several reasons. Firstly, it helps to ensure the accuracy of financial records by identifying any errors or discrepancies. Secondly, it helps to detect any fraudulent activities that may have occurred. Lastly, it helps to ensure that the cash balance in the financial records matches the actual cash balance in the bank account.
| 3. What are the steps involved in preparing a Bank Reconciliation Statement? | |
Ans. The steps involved in preparing a Bank Reconciliation Statement are as follows:
1. Compare the bank statement balance with the cash balance in the financial records.
2. Identify any items that are on the bank statement but not in the financial records (such as bank fees or interest).
3. Identify any items that are in the financial records but not on the bank statement (such as outstanding checks or deposits).
4. Adjust the financial records accordingly.
5. Reconcile the adjusted balance with the bank statement balance.
| 4. What are some common reasons for differences between the bank statement balance and the financial records balance? | |
Ans. Some common reasons for differences between the bank statement balance and the financial records balance include outstanding checks, deposits in transit, bank fees, interest earned, and errors in recording transactions.
| 5. How often should a Bank Reconciliation Statement be prepared? | |
Ans. A Bank Reconciliation Statement should be prepared on a regular basis, such as monthly or quarterly. This helps to ensure that any discrepancies are identified and corrected in a timely manner.
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