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.Management Sciences
Category: Bank reconciliation statement MCQs
Uncollected checks also referred as______________?
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
A check returned by bank marked “NSF” means that:
A. Bank can’t verify your identity
B. There are not sufficient funds in your account
C. Check has been forged
D. Check can’t be cashed being illegal
A cash deposit made by business appears on the bank statement as _______ balance?
A. Debit
B. Credit
C. Expenses
D. Liability
Favorable balance of cash book implies that
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
Standing orders are ________
A. Credited in the cash book
B. Debited in the cash book
C. Entered in the bank statement
D. Entered in the petty cash balance
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
A. Bank charges will be debited in cash book
B. Bank charges will be added to cash book balance
C. Bank charges will be credited in cash book
D. Bank charges need no adjustment in cash book
Unpresented checks also referred as____________?
A. Uncollected checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
(more…)
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
A. Adjusted
B. Unadjusted
C. Understated
D. Overstated
In the Bank reconciliation statement “Deposit in transit” is usually:
A. Subtracted from bank balance
B. Added to bank balance
C. Added to Cash book balance
D. Subtracted from cash book balance
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
A. $2000 will be debited in cash book
B. $2000 will be credited in cash book
C. $4000 will be debited in cash book
D. $4000 will be credited in the cash book
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