Practice Introduction to Bank Reconciliation Statement - 3.1 | 3. Bank Reconciliation Statement | ICSE Class 11 Accountancy
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Knowledge

3.1 - Introduction to 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 about what discrepancies mean.

Question 2

Easy

Name one common reason for differences between cash book and bank statement.

💡 Hint: Consider what happens to checks after they're written.

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 help identify?

  • Only errors in the cash book
  • Discrepancies between cash book and bank statement
  • Only fraud instances

💡 Hint: Think about what gaps need to be filled in.

Question 2

True or False: A deposit in transit is money that has been recorded by the bank.

  • True
  • False

💡 Hint: Consider when you put money in the bank but don’t see it immediately.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Your cash book shows ₹12,500, while your bank statement shows ₹14,000. A deposit in transit of ₹2,000 and outstanding checks of ₹1,500 are present. Calculate the correct cash book balance.

💡 Hint: What adjustments do you need to make to reconcile the two balances?

Question 2

If an error in the cash book was found showing an extra credit of ₹1,000 that doesn't exist, what will you do during reconciliation?

💡 Hint: Consider how to get back to accurate financial state.

Challenge and get performance evaluation