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level: Bank Reconciliations

Questions and Answers List

level questions: Bank Reconciliations

QuestionAnswer
What is the purpose of a Bank Reconciliation?To prove the completeness, accuracy, and validity of the cash receipts and payments.
What are the three main reasons for the bank statement and cash book not agreeing?- Omissions - Errors - Timing deferences
What are unpresented cheques?Time lag between writing a cheque and the payment appearing on the bank statement.
What are unrecorded lodgements?Time lag between depositing amounts into the bank account and these appearing on the bank statement.
How should unpresented cheques be treated in a reconciliation?They should be deducted.
How should unrecognised lodgements be treated in a bank reconciliation?They should be added.