“Bank Reconciliation” in Accounting & Finance

58 questions across 3 technologies.

Accounting & Finance

58 questions in 3 technologies

#	Question	Technology	Topic	Level
1	What is a bank reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
2	How often should bank reconciliations be performed? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
3	What documents are needed to perform a bank reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
4	What are the steps to prepare a bank reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
5	How does a bank reconciliation help detect fraud or error? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
6	What causes a bank reconciliation not to balance and how do you investigate? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
7	How does the bank reconciliation interact with the financial statements? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Advanced
8	What is a bank reconciliation? Financial Accounting › Bank Reconciliation	Financial Accounting	Bank Reconciliation	Beginner
9	Prepare a simple bank reconciliation. Financial Accounting › Bank Reconciliation	Financial Accounting	Bank Reconciliation	Intermediate
10	Why is bank reconciliation an important control? Financial Accounting › Bank Reconciliation	Financial Accounting	Bank Reconciliation	Advanced
11	How is an overdrawn bank balance treated in a reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
12	How do bank errors feature in a reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
13	How does electronic/online banking change the reconciliation process? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
14	How does the timing of banking affect month-end reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Advanced
15	What is a bank reconciliation? Accounts Payable & Receivable › Reconciliations	Accounts Payable & Receivable	Reconciliations	Beginner
16	Why do the cash book and bank statement balances differ? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
17	What is a direct debit and how does it appear in reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
18	What is a credit transfer (bank giro) received? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
19	How do you treat interest received and charged in the reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
20	How do you deal with stale or cancelled cheques in a reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Advanced
21	How would a fraudulent unrecorded withdrawal be detected in reconciliation? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Advanced
22	What is an unpresented cheque? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
23	What is an outstanding lodgement (deposit in transit)? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
24	What is the adjusted (corrected) cash book balance? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
25	What is a standing order? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
26	What does 'reconciling item' mean? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Beginner
27	Which differences require an adjustment to the cash book and which do not? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
28	How does bank feed and bank reconciliation work in accounting software? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Intermediate
29	How do you reconcile when starting from the cash book balance instead of the statement? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
30	What is the correct order: update the cash book first or reconcile the statement first? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Intermediate
31	How do you handle a customer's standing order paid into the wrong period? Bookkeeping › Bank Reconciliation	Bookkeeping	Bank Reconciliation	Advanced
32	How does cash application interact with the bank reconciliation? Accounts Payable & Receivable › Cash Application	Accounts Payable & Receivable	Cash Application	Advanced
33	What is an unpresented cheque? Financial Accounting › Bank Reconciliation	Financial Accounting	Bank Reconciliation	Beginner
34	What are common reconciling items? Financial Accounting › Bank Reconciliation	Financial Accounting	Bank Reconciliation	Intermediate
35	How do you reconcile cash across the bank statement, cash book, AR receipts, and AP payments? Accounts Payable & Receivable › Reconciliations	Accounts Payable & Receivable	Reconciliations	Advanced
36	What is the difference between cash and bank columns in the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
37	What is the difference between the cash book and the bank statement? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
38	What is the difference between cash and bank in bookkeeping? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
39	Why must cash receipts be banked promptly? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
40	What entries arise from bank charges, interest, and standing orders in the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Intermediate
41	What is the benefit of automatic bank rules/matching in software? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Intermediate
42	What is a payment file and how is it sent to the bank securely? Accounts Payable & Receivable › Payment Runs	Accounts Payable & Receivable	Payment Runs	Beginner
43	How are bank fees and card-processing fees on receipts accounted for? Accounts Payable & Receivable › Cash Application	Accounts Payable & Receivable	Cash Application	Intermediate
44	How do you reconcile a payment run to the bank and the ledger? Accounts Payable & Receivable › Payment Runs	Accounts Payable & Receivable	Payment Runs	Advanced
45	How do you handle receivables when a customer files for bankruptcy? Accounts Payable & Receivable › Collections & Bad Debts	Accounts Payable & Receivable	Collections & Bad Debts	Advanced
46	What is the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
47	How do you balance the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
48	What does a debit balance and a credit balance mean in the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Beginner
49	What is data backup and why is it essential in computerized bookkeeping? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Beginner
50	Why is the cash book considered both a book of prime entry and a ledger account? Bookkeeping › Books of Prime Entry	Bookkeeping	Books of Prime Entry	Intermediate
51	What is a contra entry in the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Intermediate
52	What internal controls apply to cash and petty cash handling? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Intermediate
53	Why might the petty cash book not balance and how do you investigate? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Intermediate
54	What is cloud accounting and how does it differ from desktop software? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Intermediate
55	What is teeming and lading and how do control accounts help detect it? Bookkeeping › Control Accounts	Bookkeeping	Control Accounts	Intermediate
56	How do you record dishonoured (bounced) cheques in the cash book? Bookkeeping › Cash Book & Petty Cash	Bookkeeping	Cash Book & Petty Cash	Advanced
57	What internal controls are important in a computerized accounting system? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Advanced
58	What are IT general controls relevant to a computerized accounting system? Bookkeeping › Computerized Bookkeeping	Bookkeeping	Computerized Bookkeeping	Advanced