7/31/2011

Bank Reconciliation Quiz | AccountingC

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Bank Reconciliation
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NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have difficulty answering the following questions, learn more about this topic by reading our Bank Reconciliation Explanation. We also have Crosswords and Q&A for this topic.

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Gain knowledge and confidence with accounts, debits & credits, accounting basics, and more. Download now

1.

Checks that have been written by a company but have not yet been charged to the company's checking account are referred to as ____________________ checks.

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Covers 16 financial accounting topics (640 questions). Download now

2.

A company's receipts from September 30 that get deposited to the company's bank account on October 1st are referred to as deposits ___ _______________ as of September 30.

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3. A general guide for reconciling the bank statement is "Put it where 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 a bank statement reconciliation.
Add To BOOK Balance 4. 5. 6. 7. 8. Outstanding checks. Bank service charge. Interest credited to bank account. Interest charged to bank account. Deposit in transit. Bank inadvertently charged your bank account for another company's bank fees. Bank erred by posting another company's credit memo to your company's bank account. Deduct From BOOK Balance Add To BANK Balance Deduct From BANK Balance

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Wrong. Right! Wrong. Right! Wrong. Wrong.

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Right! Wrong.

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9.

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10.

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11. Fee charged by bank for returned check.

Bank Reconciliation Quiz | AccountingC

Wrong.
Add To BOOK Balance

Right!
Deduct From BOOK Balance

Wrong.
Add To BANK Balance

Wrong.
Deduct From BANK Balance

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12.

A company wrote a check for $76 and it cleared the bank for $76. However, the company recorded the check in its Cash account as $67. How is the difference of $9 handled on the bank reconciliation? A company had a receipt of $989 and correctly prepared its bank deposit slip for $989. However, the company recorded the receipt in its Cash account as $998. How is the difference of $9 handled on the bank reconciliation? The bank collected a Note Receivable for the company and credited the company's bank account for $1,000. A company deposited a check from a customer into its checking account. A few days later the check w as returned with the notation account closed and the bank deducted the amount on the bank statement.

Wrong.

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Right!

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16.

A company's Cash account has a balance of $851 as of October 31. The bank statement for this account reports a balance of $1,430 as of October 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. W hat is the reconciled Cash balance that should be reported on the company's balance sheet as of October 31? Answer

17.

W hich of the following items will require a journal entry to the company's books? Bank service charge Deposit in transit Bank error

18.

W hich of the following will NOT require a journal entry to the company's books? Check printing charge Outstanding checks Fee for NSF check

19.

A company recorded its check #2754 in its accounting records as $98. However, check #2754 was actually written for $89 and it cleared the bank as $89. What adjustment is needed to the Cash balance per books? Decrease by $9 Increase by $9 None needed

20.

A company recorded its August 15 receipts on its books as $165. However, the receipts were actually $156. The deposit slip for the bank was prepared correctly as $156. What adjustment is needed to the Cash balance per books? Decrease by $9 Increase by $9 None needed

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Bank Reconciliation Quiz | AccountingC

About the Author: Harold Averkamp (CPA) has worked as an accountant, consultant, and university accounting instructor for more than 25 years. He is the author of the 2011 Master Accounting Download Package which has been praised for its ability to simplify accounting in a way that anybody can understand.

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