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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a Bank Reconciliation Statement?
💡 Hint: Think about why we need to confirm financial records.
Question 2
Easy
Name two causes of differences in the cash book and bank statement.
💡 Hint: Consider what could happen between the company's records and the bank.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main purpose of a Bank Reconciliation Statement?
- To record daily transactions
- To reconcile cash book and bank statement
- To track sales
💡 Hint: Think about what maintaining consistency means.
Question 2
True or False: Outstanding checks can cause discrepancies.
- True
- False
💡 Hint: Reflect on the timing of transactions.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A small business has the following balances: Cash Book shows ₹10,500, Bank Statement shows ₹12,000, with outstanding checks totaling ₹2,200 and bank charges of ₹350. Calculate the adjusted cash book balance.
💡 Hint: Identify what you're deducting from the cash balance.
Question 2
During reconciliation, a business discovered it had incorrectly recorded a ₹500 payment as ₹600. How does this affect the BRS and how should it be fixed?
💡 Hint: Think about the impact of each error on the cash book.
Challenge and get performance evaluation