Question 1 In the BANKING Module, an unresolved balance is:

a The General ledger Bank account balance after the bank reconciliation adjustments have been recorded.

b A priority for the bank to correct on their records.

c The difference between the Bank Statement and the General Ledger bank account.

d Usually written off as immaterial.

Question 2 A cancelled cheque is:

a A cheque the bank has cleared (cashed by the bank) through the issuer's (person/company who issued the cheque) bank account.

b One the issuer decided not to give as payment for a good or service.

c An NSF cheque received or issued.

d A cheque that has been voided by the issuer.

Question 3 Which of the following is not true for the Background information required to set up the Account Reconciliation journal:

a Starting and ending dates of the month(s) you want to reconcile the bank (cash) account from the General Ledger.

b Beginning and ending dates on the bank statement you are going to reconcile.

c Transactions that were posted to the bank account before you started to use the bank reconciliation journal.

d Transactions that have been reconciled in previous months before the bank reconciliation journal was setup.

Question 4 Which of the following is true for an Outstanding Deposit:

a Amounts recorded by the bank which do not agree to the General Ledger.

b Amounts recorded in the companies books, but have not been deposited to the bank.

c Amounts recorded in the companies books that belong to another company.

d Amounts recorded in the bank statement, but the amounts belong to another company.

Question 5 When reconciling the bank account, there must always be an ending Bank Rec. Unresolved amount.

True

False

Question 6 The Reconciliation occurs in the BANKING module.

True False

Question 7 Before you can reconcile the G/L bank account, you need to receive the bank statement.

True False

Question 8 Outstanding deposit (Deposit-in-Transit) is an amount that the bank has misplaced.

True False

Question 9 Outstanding cheques, are cheques that the company has issued but haven't yet cleared the bank account (presented to the bank for payment).

True False

Question 10 The bank is reconciled when the adjusted G/L balance agrees to the adjusted bank balance.

True False

Question 11 The Unresolved balance represents items that both the bank and the company have both accounted for.

True False

Question 12 NSF items and Bank charges are both credits to the G/L bank account.

True False

Question 13 NSF cheques are journalized to Accounts Receivable from the Unresolved account directly from the Account Reconciliation module.

True False

Question 14 Debits on the bank statement increase the bank balance.

True False