Bank Reconciliation for Financial AccountingFull description
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7/31/2011
Bank Reconciliation Quiz | AccountingC…
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Bank Reconciliation
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questions, simply place your cursor over what you think is the For multiple-choice and true/false questions, NOTE: For multiple-choice correct answer. (There (There is no need to c lick the answer.) For fill-in-the-blank For fill-in-the-blank questions questions place your cursor over the _________ the _________ . If you have difficulty answering the following questions, learn more about this topic by reading our Bank Reconciliation Explanation. Explanation.
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We also have Crosswords and Q&A for this topic.
1.
Checks that have bee n written by a company company but have not yet been charged to the company's company's checking account are referred to as ____________________ checks.
A company's company's receipts from September September 30 that ge t depos ited to the company's bank ___ _______________ _______________ as account on October 1st are referred to as deposits ___ as of September 30.
Managerial Exams 3.
A general general guide guide for reconci reconcili ling ng the bank statement statement is is "Put it it where it _______ it _______ ". ".
Covers 19 managerial accounting topics (520 questions). Download now
NOTE: For questions 4-15 place your cursor in the middle of the white cell that indicates the proper action for preparing preparing a bank statement reconciliation. Add To BOOK Balance
Deduct From BOOK Balance
Add To BANK Balance
Deduct From BANK Balance
4.
O ut ut st st an an di din g ch ch ec ecks .
Wrong.
Wrong.
Wrong.
Right!
5.
B an an k s e rv rvice c ha ha rg rg e .
Wrong.
Right!
Wrong.
Wrong.
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6.
Interest Interest credi credited ted to bank bank account account..
Right!
Wrong.
Wrong.
Wrong.
7.
Inter Interest est char charged ged to bank bank acc account. ount.
Wrong.
Right!
Wrong.
Wrong.
8.
De p os os it it in in t ra ra ns ns it it .
Wrong.
Wrong.
Right!
Wrong.
9.
Bank inadvertently charged your bank account for ano ther company's bank fees.
Wrong.
Wrong.
Right!
Wrong.
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10.
Bank erred by posting another company's credit memo memo to your company's bank account.
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Business Forms Wrong.
Wrong.
Wrong.
Right!
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7/31/2011 11.
Bank Reconciliation Quiz | AccountingC…
Fee charged by ba nk for for returned check.
Wrong.
Right!
Wrong.
Wrong.
Add To BOOK Balance
Deduct From BOOK Balance
Add To BANK Balance
Deduct From BANK Balance
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12.
A company wrote a check for for $76 and it cleared the ba nk for $76. Howe ver, the company company recorded the check in its its Ca sh account as $67. How is the difference of $9 handled o n the ban k reconcili reconciliation? ation?
Wrong.
Right!
Wrong.
Wrong.
13.
A company had a receipt o f $989 and correctly prepared its ba nk depo sit slip for $989. However, the company recorded the receipt in its Cash a ccount as $998. How How is the difference difference of $9 handled on the bank reconciliation? reconciliation?
Wrong.
Right!
Wrong.
Wrong.
14.
The bank collected a Note Receivable for the company and credited the company's bank account for $1,000.
Right!
Wrong.
Wrong.
Wrong.
15.
A company deposited a check from a custo mer into into its checking checking account. A few few days later the check was returned returned w ith ith the notation account closed and the bank deducted the amount on the bank statement.
Wrong.
Right!
Wrong.
Wrong.
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16.
A company's company's Cash a ccount has a balance of $851 as of October 31. The bank state ment for for this account reports a balance of $1,430 as of Octobe r 31. There There are outstan ding checks checks tota ling ling $840 and a depos it in transit transit of $60. The The ba nk statement show s interest ea rned of $19, service charges of $30, a customer's returned check of $100, and a check printing printing fee of $90. What is the reconciled reconciled Ca sh balance that s hould be reported on the company's balance sheet as of October 31? Answer
17.
Which Which of the followin following g items items will requir require e a journal entry entry to the company' company's s books? Bank service charge
18.
Outstanding checks
Fee for NSF check
A company recorded its check #2754 in its its accounting records a s $98. Howe ver, check #2754 was actually written for $89 and it cleared the bank a s $89. What a djustment is needed to the Cash balance per books? Decrease by $9
20.
Bank error
Which Which of the followin following g will NOT require require a journal entry entry to the company company's 's books? Check printing charge
19.
Deposit in transit
Increase by $9
None needed
A company company recorded its August 15 receipts o n its books a s $165. However, the receipts we re actually $156. The depos it slip slip for the bank wa s prepa red correctly as $156. What adjustment is needed to the Cash balance per books? Decrease by $9
Increase by $9
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7/31/2011
Bank Reconciliation Quiz | AccountingC… Averkamp (CPA) has worked as an accountant, c onsultant, and About the Author : Harold Averkamp university university accounting instructor for more than 25 y ears. He is the author of the 2011 Master Accounting Download Package which has been anybody can understand. praised for its ability to simplify accounting in a way that anybody can
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