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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does BRS stand for?
💡 Hint: Think about the statement used for aligning records.
Question 2
Easy
Name two reasons why BRS is important for businesses.
💡 Hint: Consider the implications of discrepancies.
Practice 1 more question and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is a Bank Reconciliation Statement used for?
- Debit
- Adjust discrepancies
- Track stock
💡 Hint: It connects two important financial records.
Question 2
True or False: A BRS only identifies errors made by the bank.
- True
- False
💡 Hint: Think about the different sources of discrepancies.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has a cash book balance of ₹10,000 and a bank statement balance of ₹12,000. If there are outstanding checks of ₹3,000 and deposits in transit of ₹5,000, what is the adjusted balance?
💡 Hint: Think about how to adjust the cash balance with these transactions.
Question 2
Discuss how frequent reconciliations can benefit a company's financial health.
💡 Hint: Consider the long-term effects of errors if left unaddressed.
Challenge and get performance evaluation