Practice - Importance of Bank Reconciliation Statement
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is the primary purpose of a Bank Reconciliation Statement?
💡 Hint: Think of discrepancies between two accounting records.
Name one benefit of using a Bank Reconciliation Statement.
💡 Hint: Consider how accurately reflected data may reveal issues.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Bank Reconciliation Statement reconcile?
💡 Hint: It's essential finance terminology.
True or False: A Bank Reconciliation Statement can help identify fraudulent transactions.
💡 Hint: Think about purposes of financial audits.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
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.
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.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.