Bank Reconciliation Statement(BRS)

Q.

The main purpose of preparing a bank reconciliation statement is?

1. To know the bank balance

2. To correct the cash book

3. To identify and correct the causes of differences between cash book and bank statement

4. To know the balance of bank statement

Q.

A Bank Reconciliation Statement is a ___.

1. Part of bank account

2. Part of financial statements

3. None of the above

4. Part of cash book

Q.

A Bank Reconciliation is not a?

1. Reconciliation of records

2. Memorandum Statement

3. Ledger Account

4. Procedure to provide cash book adjustments

Q.

What is the journal entry for bank reconciliation?

Q.

Is bank reconciliation statement,
a part of double entry system?

Q.

State the need for the preparation of bank reconciliation statement?

Q.

A Bank Reconciliation Statement is prepared with the help of ___ .

1. Bank statement & bank column of cash book

2. Bank statement & cash column of cash book

3. Cash column of cash book & bank column of cash book

4. None of the above

Q.

What are basic features of reconciliation?

1. All the above

2. There must be a reconciler

3. Difference in views

4. Reconciler must change his views

Q.

How do you reconcile a suspense account?

Q.

What is a bank reconciliation statement? Why is it prepared?

Q. What is a bank reconciliation statement ? Why is it prepared ?

Q. Answer in one sentence only.

Who prepares Bank Reconciliation Statement?

Q. While preparing bank reconciliation statement, balance of bank account shall be taken from for matching the same with cash book.

1. cash account
2. simple cash book
3. two column cash book
4. bank statement

Q.

What is the meaning of marshaling?

Q.

Balance of bank account for preparation of bank reconciliation statement shall be taken from ___ for matching the same with cash book.

1. Two columnar cash book

2. Cash Ledger Account

3. One columnar cash book

4. Bank Statement

Q. Which statement is uncommon for a Bank Reconciliation Statement?
(i). Part of the double entry system
(ii). Not part of the double entry system
(iii). Sent by the firm to the bank
(iv). Posted to the ledger accounts.

1. (iv), (i) and (ii)
2. (i) and (ii)
3. (i), (ii) and (iv)
4. (i), (iii) and (iv)

Q. A bank reconciliation statement is prepared by.

1. Creditors
2. Debtors
3. Bank
4. Businessman

Q.

The accountant of a firm is required to prepare a bank reconciliation statement for the month of March. The opening balance of cash on 1st March was Rs 1, 20, 000 while the opening balance as per bank column of cash book was Rs 9, 50, 000. The closing balance of cash as on 31st March was Rs 90, 000 while the closing balance as per bank column of cash book was Rs 15, 40, 000. Which of the following shall be taken by him for starting the preparation of BRS?

1. Rs 9, 50, 000

2. Rs 1, 20, 000

3. Rs 15, 40, 000

4. Rs 90, 000

Q.

What are the examples of bank reconciliation statements?

Q.

Answer in only one sentence :

Mention the steps involved in preparation of Trial Balance.

Q. Which is the statement is uncommon for a Bank Reconciliation Statement?
a. Part of the double entry system
b. Not part of the double entry system
c. Sent by the firm to the bank
d. Posted to the ledger accounts.

1. (iv), (i) and (ii)
2. (i), and (ii)
3. (i), (ii) and (iv)
4. (i), (iii) and (iv)

Q. A bank reconciliation statement is a statement prepared to reconcile.

1. Cash balance as per cash book and bank balance as per pass book
2. Bank balance as per cash book and bank balance as per pass book
3. Both (A) & (B)
4. None of the above

Q.

What is a bank reconciliation statement and why is it prepared?

Q. The balance in the books of account shall be taken from for preparation of bank reconciliation statement.

1. Cash Account
2. Two Column Cash Book
3. Simple Cash Book
4. Bank Statement

Q.

Balance in books of accounts for preparation of bank reconciliation statement shall be taken from?

1. Cash Ledger Account

2. One column cash book

3. Two column cash book

4. Bank Statement

Q.

Which of the following shall be taken to be a base for preparation of bank reconciliation statement?

1. None of the above

2. Closing balance Cash Ledger Account

3. Closing balance of Cash column of two columnar cash book

4. Closing balance of Bank column of two columnar cash book

Q.

Prepare Bank Reconciliation Statement as on 31st January 2011 from the following details.
(i) Cash Book shows debit balance of Rs 5000 as on 31^st January, 2011.
(ii) Out of cheques of Rs 8, 000 issued, cheques of Rs 4, 000 has not been presented for payment till 31^st January, 2011.
(iii) Bank commission Rs 75 debited in the Pass Book only.
(iv) Transferred Rs 2, 000 from Fixed deposit account to Current account, but not recorded.
(v) A cheque of Rs 4, 500 deposited into Bank but not cleared by Bank.
(vi) Divided collected by Bank, though recorded in the Pass Book, failed to be recorded in the Cash Book Rs 650.

Q.

show that accounting equation is on the basic of the following and present a balance sheet on last new equation balance.

1. manu started business with cash 50000
2. bought furniture for 500
3. purchased goods on credit 4000
4. sold goods on cash for 700
5. recevied rent 200
6. purchashed goods for cash 1000
7. withdrew for personal use 700
8. paid to creditors 400
9. paid for salaries 200.

Q. Balance sheet does not include ___________.

1. verification of assets and liabilities
2. examination of adjusting and closing entries
3. routine checks
4. vouching of income and expense accounts related to assets and liabilities

Q. What is meant by a ' Summary Query'?