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    Chapter 6 Bank Recon Practice QH

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    Suy Yanghear
    The document contains sample bank reconciliation practice questions and answers for managing financial records. It includes questions about differences found between bank statements and general ledgers, such as lodgements recorded but not appearing on statements. It also contains questions about incorrect bank balances, dishonored cheques, unpresented cheques, and bank charges. The questions test understanding of correcting entries needed in general ledgers to reconcile differences between cash accounts and bank statements.

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    Chapter 6 Bank Recon Practice QH

    Uploaded by

    Suy Yanghear
    438 views3 pages
    The document contains sample bank reconciliation practice questions and answers for managing financial records. It includes questions about differences found between bank statements and general ledgers, such as lodgements recorded but not appearing on statements. It also contains questions about incorrect bank balances, dishonored cheques, unpresented cheques, and bank charges. The questions test understanding of correcting entries needed in general ledgers to reconcile differences between cash accounts and bank statements.

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    The document contains sample bank reconciliation practice questions and answers for managing financial records. It includes questions about differences found between bank statements and general ledgers, such as lodgements recorded but not appearing on statements. It also contains questions about incorrect bank balances, dishonored cheques, unpresented cheques, and bank charges. The questions test understanding of correcting entries needed in general ledgers to reconcile differences between cash accounts and bank statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    438 views3 pages

    Chapter 6 Bank Recon Practice QH

    Uploaded by

    Suy Yanghear
    The document contains sample bank reconciliation practice questions and answers for managing financial records. It includes questions about differences found between bank statements and general ledgers, such as lodgements recorded but not appearing on statements. It also contains questions about incorrect bank balances, dishonored cheques, unpresented cheques, and bank charges. The questions test understanding of correcting entries needed in general ledgers to reconcile differences between cash accounts and bank statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    FA2 Managing Financial Records

    Chap 6 Bank Reconciliation Practice Questions


    Lecturer: Christine Colon, ACCA

    Name:
    Group: Date:

    1. Edward checked his bank statement with the bank account in his general ledger and found
    the following differences :

    (i) some lodgements had been recorded in the cash received day book but did not appear
    on the bank statement

    (ii) the bank debited fees on his account

    (iii) the bank debited a personal cheque to his business account in error.

    Which of the differences require an entry in the bank account in the general ledger? _

    A. (i) only
    B. (ii) only
    C. (iii) only
    D. (ii) and (iii)

    2. Your cash ledger account at 31 December 20X3 shows a bank balance of $565
    overdrawn . On comparing this with your bank statement at the same date, you
    discover that:

    • A cheque for $57 drawn by you on 29 December 20X3 has not yet been
    presented for payment

    • A cheque for $92 from a customer, which was paid into the bank on 24
    December 20X3 , has been dishonoured on 31 December 20X3 .

    The correct bank balance to be shown in the statement of financial position at 31


    December 20X3 is

    A. $714 overdrawn
    B. $657 overdrawn
    C. $473 overdrawn
    D. $53 overdrawn

    3. Your firm’s bank statement at 31 October 20X8 shows a balance of $13,400. You
    subsequently discover that the bank has dishonoured a customer’s cheque for $300
    and has charged bank charges of $50, neither of which is recorded in your bank
    account in the general ledger. There are unpresented cheques totalling $1,400. You
    further discover that an automatic receipt from a customer of $195 has been
    recorded as a credit in your bank account in the general ledger.

    What was the balance your bank account in the general ledger before correcting
    the errors and omissions?
    A $11,960

    B $12,155

    C $13,360

    D $13,750

    4. The following bank reconciliation statement has been prepared by a trainee


    accountant:

    $
    Overdraft per bank statement 3,860
    Less: unpresented cheques 9,160
    5,300
    Add: deposits credited after date 16,690
    Cash at bank as calculated above 21,990

    What should be the correct balance per the cash book?

    A $21,990 balance at bank as stated

    B $3,670 balance at bank

    C $11,390 balance at bank

    D $3,670 overdrawn

    5. Elaine is preparing her bank reconciliation. She has noted the following:

    (1) The bank has levied charges on her account.


    (2) A cheque payable to S Wright has not been presented at the bank.

    Which of the above errors require an entry in the bank account in her general ledger?

    A Both (1) and (2)


    B (1) only

    C Neither (1) nor (2)

    D (2) only

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