Bank Reconciliation (Q&A)

43 Q&A

Popular Recent
Hide completed
1. What does debit memo mean on a bank statement?
2. What is a bank reconciliation?
3. What is a credit memo?
4. What is meant by reconciling an account?
5. Can you help me to understand credit memo and debit memo in the bank reconciliation?
6. What is an outstanding check?
7. What journal entries are prepared in a bank reconciliation?
8. When does a negative cash balance appear on the balance sheet?
9. What are some reasons that cause the balance on the bank statement to differ from the cash balance on the books?
10. In a bank reconciliation, what happens to the outstanding checks of the previous month?
11. What is a deposit in transit?
12. What is bank balance and book balance?
13. Which items on a bank reconciliation will require a journal entry?
14. What is an unpresented cheque or check and does it require an adjustment to the balance sheet?
15. Why does a company prepare a bank reconciliation?
16. What items are added to the balance per bank on the bank reconciliation?
17. What is a post-dated check?
18. How do I write off old outstanding checks?
19. Is an entry made for outstanding checks when preparing a bank reconciliation?
20. What is an outstanding deposit?
21. What is the allowance method?
22. How do you record a return deposit item on a bank statement?
23. What is an overdraft?
24. What is a restrictive endorsement?
25. How do you treat voided checks on the bank reconciliation?
26. What is an uncleared cheque?
27. What is separation of duties?
28. What is a checking account?
29. What is float?
30. What is an unpresented check?
31. What is the segregation of duties?
32. What adjustment is needed when a check that was written in a previous month appears on the current month's bank statement?
33. What is not sufficient funds?
34. How many days after a month ends should the bank reconciliation be done?
35. What is a transposition error?
36. Reconciling the Bank Statement
37. Should receipts be recorded using the date the money was received or the date the money was deposited in the bank accounts?
38. What is a voided check?
39. How do you balance a checkbook?
40. What is a rubber check?
41. Are undeposited checks reported as cash?
42. How do you record a check that clears the bank months after it was voided?
43. How does one prepare a company's first bank statement reconciliation?