What are the 4 steps in bank reconciliation?

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Solution

The four steps in the bank reconciliation process is as follows:

Compare the deposits

Adjust the bank statements

Adjust the cash account

Compare the balances.

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MCQ on Bank Reconciliation Statement

Bank Reconciliation Statement

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State whether the following Statements are True or False.

1) Bank Reconciliation Statement is prepared by Bank.
2) Bank Reconciliation Statement is prepared at the end of stipulated period.
3) Overdraft facility is allowed to proprietors personal account
4) Debit balance of Pass Book represents overdraft
5) Credit balance of Bank column of Cash Book represents the balance as per Cash book.
6) Bank charges debited by Bank increases bank balance in the Pass Book.
7) Interest credited in Pass Book is an income to the Customer.
8) Bank Reconciliation Statement is prepared to detect the errors the takes place in accounting

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Who prepares Bank Reconciliation Statement?

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