5 Questions
What is the term for cheques issued by the entity but yet to be presented to the bankers or presented to the bankers but yet to clear?
Unpresented cheques
What is the result of errors by the bank that increases an entity's balance?
Wrong credits
What is the term for cheques received and deposited by the entity but yet to be credited by the bank?
Uncredited cheques
What is the result of errors by the bank that decreases an entity's balance?
Wrong debits
What type of differences are unpresented cheques, uncredited cheques, bank errors, wrong credits, and wrong debits?
Timing differences
Test your understanding of the reasons behind discrepancies in cash book and bank statement, including timing differences, unpresented cheques, and bank errors. Identify the causes of these differences and learn how to reconcile them.
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