Accounting Multiple Choice Question – 16 February 2020

A bank reconciliation statement is . . .

Select ONE answer:

1. part of the double-entry accounting records.
2. not part of the double-entry accounting records.
3. prepared by a firm and then sent to its bank.
4. posted to the nominal (general) ledger.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct
2. Correct – A bank reconciliation statement is a reconciliation between a figure in the nominal (general) ledger (double-entry records) and a figure on a bank statement. It is prepared at the end of an accounting period after all double-entry records for that period have been completed.
3. Not correct
4. Not correct

 

This work is licensed under a Creative Commons Attribution 4.0 International License.