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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the cash book balance in the example?
💡 Hint: Refer to the balance noted in the section.
Question 2
Easy
List one reason why banks charge fees.
💡 Hint: Think of the services the bank provides.
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 purpose of a Bank Reconciliation Statement?
- To track sales only
- To ensure accurate record keeping
- To calculate profit
💡 Hint: Remember the goals of auditing and financial checks.
Question 2
True or False: Outstanding checks are funds the bank has already processed.
- True
- False
💡 Hint: Consider what an 'outstanding' state means.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has a cash book balance of ₹12,000 and a bank statement showing ₹15,000. It has deposits in transit of ₹3,000, outstanding checks of ₹2,500, and bank charges of ₹400. Create a detailed Bank Reconciliation Statement.
💡 Hint: Carefully track each step while adjusting the cash book balance.
Question 2
If a company regularly finds discrepancies in its reconciliations, what strategies could it implement to prevent this?
💡 Hint: Evaluate errors, training, and technological aids.
Challenge and get performance evaluation