{"id":8822,"date":"2024-04-15T03:06:48","date_gmt":"2024-04-15T03:06:48","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8822"},"modified":"2024-04-15T03:06:48","modified_gmt":"2024-04-15T03:06:48","slug":"bank-reconciliation-statement-is-the-comparision-of-a-bank-statement-sent-by-bank-with-the-a-cash-receipt-journal-b-cash-payment-journal-c-cash-book-d-financial-statements","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/bank-reconciliation-statement-is-the-comparision-of-a-bank-statement-sent-by-bank-with-the-a-cash-receipt-journal-b-cash-payment-journal-c-cash-book-d-financial-statements\/","title":{"rendered":"Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the A. Cash receipt journal B. Cash payment journal C. Cash book D. Financial statements"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9eba3eb32de\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Cash receipt journal                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Cash payment journal                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Cash book                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Financial statements                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is C. Cash book.<\/p>\n<p>A bank reconciliation statement is a document that compares the bank statement with the cash book. It is used to identify any differences between the two records and to explain why they exist. The cash book is a record of all cash receipts and payments made by a business. The bank statement is a record of all transactions that have been made on a business&#8217;s bank account.<\/p>\n<p>The main purpose of a bank reconciliation statement is to ensure that the cash book and the bank statement are in agreement. This is important because it helps to ensure that the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> business has an accurate record of its cash position.<\/p>\n<p>There are a number of reasons why there may be differences between the cash book and the bank statement. These include:<\/p>\n<ul>\n<li>Cheques that have been written but not yet cleared by the bank.<\/li>\n<li>Cheques that have been deposited but not yet credited to the account by the bank.<\/li>\n<li>Bank charges.<\/li>\n<li>Interest earned on the account.<\/li>\n<li>Errors made by the business or the bank.<\/li>\n<\/ul>\n<p>When preparing a bank reconciliation statement, it is important to identify all of the differences between the cash book and the bank statement. Once the differences have been identified, they can be explained and the necessary adjustments can be <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> made to the cash book.<\/p>\n<p>Bank reconciliation statements should be prepared on a regular basis, usually at the end of each month. This will help to ensure that the business has an accurate record of its cash position and that any problems are identified and resolved quickly.<\/p>\n<p>The other options are incorrect because they are not records of cash receipts and payments.<\/p>\n<p>A cash receipt journal is a record of all cash receipts received by a business. A cash payment journal is a record of all cash payments made by a business. Financial statements are a summary of a business&#8217;s financial performance over a period of time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the A. Cash receipt journal B. Cash payment journal C. Cash book D. 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