Bank Reconciliation Statements Quiz for Class 11 Accountancy
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Questions and Answers

What is a possible cause of difference in balances between the Cash Book and Pass Book?

  • Direct payments made by the bank on behalf of the customers
  • Amounts directly deposited in the bank account
  • Cheques issued by banks not yet presented for payments (correct)
  • Interest and dividends collected by the firm

    • What is the purpose of a Bank Reconciliation Statement (BRS)?

  • To record all the transactions made by the firm and the bank
  • To reconcile the balances as per cash book prepared by the firm and the balances as per pass book recorded by the bank (correct)
  • To calculate the interest and dividends collected by the bank
  • To identify errors made by the bank or the firm

    • What is an example of an error that may result in a difference in balances?

  • Cheques deposited/bills discounted dishonoured (correct)
  • Direct debits made by the bank on behalf of the customer
  • Cheques paid into the bank but not yet collected
  • Recording the interest and dividends collected by the bank

    • Which of the following is a factor responsible for timing gaps in recording transactions?

    <p>Direct debits made by the bank on behalf of the customer</p> Signup and view all the answers

    What is the need for bank reconciliation statements?

    <p>Due to the fact that many times there is a difference in both the balances</p> Signup and view all the answers

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