Basics of Bank Reconciliation Statement

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Basics of Bank Reconciliation Statement: Overview

This topic covers concepts, such as, Items Causing Differences in Pass Book and Cash Book, Bank as an Important Institution in Society, Bank Pass Book and Differences in Cash and Pass Book Balance etc.

Important Questions on Basics of Bank Reconciliation Statement

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 1

What is a bank reconciliation statement? Why is it prepared?

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 2

Briefly explain the term 'favourable balance as per cash book'.

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 3

State the causes of difference occurred due to time lag.

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 4

Briefly explain the statement 'wrongly debited by the bank' with the help of an example.

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 5

What is a bank overdraft?

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Accountancy>Bank Reconciliation Statement>Basics of Bank Reconciliation Statement> Q 6

State the need for the preparation of bank reconciliation statement.