Bank Reconciliation (Grade 12 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What two records does bank reconciliation compare?
What two records does bank reconciliation compare?
CRJ & CPJ with bank statement
Where should bank charges and overdraft interest be recorded when discovered during reconciliation?
Where should bank charges and overdraft interest be recorded when discovered during reconciliation?
Cash Payments Journal as expenses
Why do outstanding cheques create differences between your records and the bank statement?
Why do outstanding cheques create differences between your records and the bank statement?
Recorded in CPJ but not presented yet
What TWO actions are required when a customer's cheque is dishonoured?
What TWO actions are required when a customer's cheque is dishonoured?
Reverse CRJ entry & record as debtors
How old must a cheque be before it becomes stale and cannot be processed?
How old must a cheque be before it becomes stale and cannot be processed?
Older than 6 months
What balance does a bank reconciliation statement ALWAYS start with?
What balance does a bank reconciliation statement ALWAYS start with?
Bank statement balance
Where should interest earned on a current account be recorded when discovered?
Where should interest earned on a current account be recorded when discovered?
Cash Receipts Journal as income
How are late deposits treated in the bank reconciliation statement?
How are late deposits treated in the bank reconciliation statement?
Credit late deposit
What is the critical rule about the debit and credit columns in a bank reconciliation statement?
What is the critical rule about the debit and credit columns in a bank reconciliation statement?
They must balance exactly
Where should direct deposits from customers be recorded when identified during reconciliation?
Where should direct deposits from customers be recorded when identified during reconciliation?
Cash Receipts Journal as income