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Accounting Test Time BRS 3 Video Lecture - Commerce
FAQs on Accounting Test Time BRS 3 Video Lecture - Commerce
| 1. What is the purpose of a Bank Reconciliation Statement (BRS)? |  |
Ans. The purpose of a Bank Reconciliation Statement (BRS) is to compare the bank statement balance with the company's cash book balance and identify any discrepancies between the two. It helps to ensure that all transactions are accurately recorded and to identify any errors or omissions in the company's financial records.
| 2. What are the common reasons for differences between the bank statement balance and the cash book balance? | |
Ans. There are several common reasons for differences between the bank statement balance and the cash book balance. These include outstanding checks or deposits, bank fees or charges, interest earned or paid, errors in recording transactions, and timing differences in recording transactions.
| 3. How can outstanding checks affect the bank reconciliation process? | |
Ans. Outstanding checks refer to checks that have been issued by the company but have not yet been presented to the bank for payment. These checks result in a difference between the bank statement balance and the cash book balance. To account for outstanding checks, they need to be deducted from the bank statement balance in the bank reconciliation process.
| 4. What steps should be followed to prepare a Bank Reconciliation Statement? | |
Ans. The following steps should be followed to prepare a Bank Reconciliation Statement:
1. Compare the bank statement balance with the cash book balance.
2. Identify and list any outstanding checks or deposits.
3. Adjust the bank statement balance for outstanding checks or deposits.
4. Identify and list any bank fees or charges, interest earned or paid.
5. Adjust the bank statement balance for bank fees or charges, interest earned or paid.
6. Compare the adjusted bank statement balance with the cash book balance.
7. Identify and investigate any remaining differences.
8. Make necessary adjustments or corrections in the cash book.
| 5. How does a Bank Reconciliation Statement help in detecting fraud or errors? | |
Ans. A Bank Reconciliation Statement helps in detecting fraud or errors by comparing the bank statement balance with the cash book balance and identifying any discrepancies. If there are unexplained differences between the two, it could indicate fraudulent activities or errors in recording transactions. It provides an opportunity to investigate and rectify any irregularities before they become significant issues.
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Dec 23, 2024 Last updated |
Accounting Test Time BRS 3 for Commerce2024 is part of Commerce preparation. The notes and questions for Accounting Test Time BRS 3
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