Reference no: EM133000059
Problem 1: When preparing a bank reconciliation statement, outstanding checks would ____.
a.increase the cash balance according to the company statement
b.increase the cash balance according to the bank statement
c.deduct the cash balance according to the bank statement
d.deduct the cash balance according to the company statement
Problem 2: A bank reconciliation should be prepared periodically because ____.
a.the bank has not recorded all of its transactions.
b.any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected.
c.the depositor's records and the bank's records are in agreement.
d.the bank must make sure that its records are correct.
Problem 3: Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____.
a.addition to the cash balance per bank
b.addition to the cash balance per books
c.deduction from the cash balance per bank
d.deduction from the cash balance per books
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