Practice Step 1: Compare the Balances - 3.3.1 | 3. Bank Reconciliation Statement | ICSE Class 11 Accountancy
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3.3.1 - Step 1: Compare the Balances

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the first step in preparing a Bank Reconciliation Statement?

💡 Hint: Think about the primary documents involved.

Question 2

Easy

Why is it important to compare the bank balance and cash book?

💡 Hint: Consider the implications of inaccurate records.

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 main purpose of comparing the balances in the cash book and bank statement?

  • To identify discrepancies
  • To calculate interest
  • To display profits
  • To record transactions

💡 Hint: Think about what you are checking when you compare two sets of financial records.

Question 2

True or False: Outstanding checks can lead to the bank statement balance being higher than the cash book balance.

  • True
  • False

💡 Hint: Consider which balance is affected when checks are not cashed.

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Challenge Problems

Push your limits with challenges.

Question 1

If a company has a cash book balance of ₹10,000 and their bank statement balance is ₹9,000, with a deposit in transit of ₹2,000 and outstanding checks of ₹3,000, what needs to be done to reconcile?

💡 Hint: What balances are added or subtracted during reconciliation?

Question 2

A company finds an error in their cash book where a transaction of ₹500 was recorded as ₹50. How does this affect the reconciliation process?

💡 Hint: Focus on how correcting errors impacts the cash book balance.

Challenge and get performance evaluation