Practice Importance of Bank Reconciliation Statement - 3.1.2 | 3. Bank Reconciliation Statement | ICSE Class 11 Accountancy
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3.1.2 - Importance of Bank Reconciliation Statement

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the primary purpose of a Bank Reconciliation Statement?

💡 Hint: Think of discrepancies between two accounting records.

Question 2

Easy

Name one benefit of using a Bank Reconciliation Statement.

💡 Hint: Consider how accurately reflected data may reveal issues.

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 the Bank Reconciliation Statement reconcile?

  • Bank fees
  • Cash book balance and bank statement balance
  • Outstanding checks

💡 Hint: It's essential finance terminology.

Question 2

True or False: A Bank Reconciliation Statement can help identify fraudulent transactions.

  • True
  • False

💡 Hint: Think about purposes of financial audits.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company discovers a difference of ₹1,200 between its cash book and bank statement. The cash book shows it should have ₹20,000. Can you list out the steps the company should take to reconcile these amounts?

💡 Hint: Start from the cash book figure and adjust step-by-step.

Question 2

Given the cash book balance of ₹10,000 and the bank statement balance of ₹12,000, with ₹1,000 in outstanding checks and ₹500 in bank fees, perform the reconciliation process.

💡 Hint: Work through the adjustments carefully to ensure accuracy.

Challenge and get performance evaluation