Practice Conclusion - 3.7 | 3. Bank Reconciliation Statement | ICSE Class 11 Accountancy
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3.7 - Conclusion

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is a Bank Reconciliation Statement?

💡 Hint: Think about the purpose of a BRS.

Question 2

Easy

List one reason why regular bank reconciliations are important.

💡 Hint: What do you think happens if discrepancies went unnoticed?

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 does a Bank Reconciliation Statement help to achieve?

  • A. Increase profit
  • B. Reconcile cash balances
  • C. Reduce expenses

💡 Hint: Think about why businesses need to compare cash records.

Question 2

Regular bank reconciliation is unnecessary if you trust your bank.

  • True
  • False

💡 Hint: What if a bank makes an error?

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company discovers that its cash book shows a balance of $5,000, while the bank statement shows $5,750. After investigation, it identifies $800 in deposits in transit and $200 in outstanding checks. What is the adjusted balance that should be reflected in both records?

💡 Hint: Make sure you adjust the cash book first according to the identified transactions.

Question 2

A small business has not reconciled its bank account for three months. If it finds that several bank fees totaling $150 and an error of $100 in the cash book went unnoticed, how should the owner adjust the cash book balance to ensure accuracy?

💡 Hint: Remember, adjustments need to reflect unrecorded charges that affect the bottom line.

Challenge and get performance evaluation