Bank Statement – NBC Institute

FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

Question

Which of the following does NOT cause a discrepancy between cash book and bank statement balances?

A. Direct credit found in the bank statement
B. Credit sales posted to the debit side of the cash book (bank column)
C. COT and other finance costs credited in the bank statement
D. The company’s credit balance in the bank statement
E. Subscription paid by the bank on behalf of the company’s manager and debited in the bank statement

Answer

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Tags: Bank Statement, Cash Book, Discrepancy, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2012

FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

Question

a. Bank Statement is a mirror of any entity’s cash book, and they are expected to have equal balances at any point in time. However, this is not usually the case. Based on the ongoing statement, state five reasons that could cause the bank statement balance to differ from the cash book balance. (5 Marks)

b. The Treasurer of Young Star Social Club (YSSC) did not keep proper records for receipts and payments for the month of December 2014, causing mistrust among members. He has decided to seek your assistance to prepare a bank reconciliation statement before presenting the account to the club members.

The bank statement and the receipts and payments cash book of the club on December 31, 2014, showed a credit balance of N205,000 and N2,078,000, respectively. A comparison of the bank statement with the receipts and payment cash book of the club revealed the following:

i. Cheque drawn but not presented N3,160,000
ii. Amount lodged in the bank but not credited N725,000
iii. Entries in bank statement not recorded in receipts and payments cash book:

Standing order for loan refund N35,000
Interest received on deposit account N18,000
Bank charges N15,000
Cheque paid-in but returned with “refer to drawer” N120,000

Required:
i. Prepare an adjusted cash book as at December 31, 2014; (8 Marks)
ii. Prepare the Bank Reconciliation Statement showing the balance on December 31, 2014. (7 Marks)

(Total 20 Marks)

Answer

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Tags: Adjustments, Bank Statement, Cash Book, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2015

FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

Question

The bank statement of a trader shows a debit balance before reconciliation with the cash book balance. Which of the following transactions will reduce the balance when necessary adjustments are completed?

A. Dividends received directly by the bank on behalf of the trader

B. Outstanding deposits

C. Unpresented cheques

D. Error committed in the cash book of the trader

E. Dishonoured cheques

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2023

FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

Question

The accounts clerk of Jide Electronics is unsure of the difference between a bank statement and a bank reconciliation statement and has asked for your assistance in this direction.
Required: Explain the difference between a bank statement and a bank reconciliation statement. (2 Marks)

She has provided you with the following summary of banking transactions for the period under review:

A cheque amounting to N280,000 received and paid into the bank was not credited by the bank until after September 30, 2019;
The cash book balance of the business showed an overdraft of N200,000, while the bank statement balance on the same date indicated that the business had a credit balance of N1,930,000;
A customer made a direct credit transfer into the business bank account amounting to N1,140,000 in settlement of trade debt, and this was not known until after the receipt of the bank statement;
A cheque amounting to N670,000 for the purchase of goods was posted into the cash book as N760,000;
A cheque of N1,230,000 dishonoured by the bank remained unreversed in the cash book;
Cheques amounting to N2,680,000 issued to a supplier were presented to the bank on October 08, 2019;
The bank statement revealed that there was a dividend of N580,000 received as investment income;
The bank transferred the sum of N200,000 to ICAN, being the payment on a standing order for annual subscription of staff who were writing professional examinations;

Required:

i. Prepare the adjusted cash book. (11 Marks)
ii. Starting with the balance as per bank statement, prepare the bank reconciliation statement for the month ended September 30, 2019. (7 Marks)

Answer

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Tags: Accounting Reconciliation, Bank Reconciliation Statement, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

Question

Which of the following will not affect the agreement of the cash book balance and the bank statement balance?

A. Dishonoured lodgement
B. Cash payments
C. Bank charges
D. Standing order for the payment of annual subscription
E. Error in the bank statement

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2019

FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

Question

Question:
The balance as per bank statement is:
A. N39,500
B. N41,500
C. N139,500
D. N179,500
E. N239,500

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2015

FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

Question

i) Explain THREE (3) reasons for carrying out a bank reconciliation. (3 marks)

ii) State THREE (3) items which may appear in the bank reconciliation statement. (3 marks)

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book, Reconciling Items
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2023

FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

Question

Which of the following does NOT cause a discrepancy between cash book and bank statement balances?

Answer

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Tags: Bank Statement, Cash Book, Discrepancy, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2012

FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

Question

i. Cheque drawn but not presented N3,160,000
ii. Amount lodged in the bank but not credited N725,000
iii. Entries in bank statement not recorded in receipts and payments cash book:

Standing order for loan refund N35,000
Interest received on deposit account N18,000
Bank charges N15,000
Cheque paid-in but returned with “refer to drawer” N120,000

Required:
i. Prepare an adjusted cash book as at December 31, 2014; (8 Marks)
ii. Prepare the Bank Reconciliation Statement showing the balance on December 31, 2014. (7 Marks)

(Total 20 Marks)

Answer

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Tags: Adjustments, Bank Statement, Cash Book, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2015

FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

Question

A. Dividends received directly by the bank on behalf of the trader

B. Outstanding deposits

C. Unpresented cheques

D. Error committed in the cash book of the trader

E. Dishonoured cheques

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2023

FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

Question

She has provided you with the following summary of banking transactions for the period under review:

A cheque amounting to N280,000 received and paid into the bank was not credited by the bank until after September 30, 2019;
The cash book balance of the business showed an overdraft of N200,000, while the bank statement balance on the same date indicated that the business had a credit balance of N1,930,000;
A customer made a direct credit transfer into the business bank account amounting to N1,140,000 in settlement of trade debt, and this was not known until after the receipt of the bank statement;
A cheque amounting to N670,000 for the purchase of goods was posted into the cash book as N760,000;
A cheque of N1,230,000 dishonoured by the bank remained unreversed in the cash book;
Cheques amounting to N2,680,000 issued to a supplier were presented to the bank on October 08, 2019;
The bank statement revealed that there was a dividend of N580,000 received as investment income;
The bank transferred the sum of N200,000 to ICAN, being the payment on a standing order for annual subscription of staff who were writing professional examinations;

Required:

i. Prepare the adjusted cash book. (11 Marks)
ii. Starting with the balance as per bank statement, prepare the bank reconciliation statement for the month ended September 30, 2019. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Reconciliation, Bank Reconciliation Statement, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

Question

Which of the following will not affect the agreement of the cash book balance and the bank statement balance?

A. Dishonoured lodgement
B. Cash payments
C. Bank charges
D. Standing order for the payment of annual subscription
E. Error in the bank statement

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2019

FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

Question

Question:
The balance as per bank statement is:
A. N39,500
B. N41,500
C. N139,500
D. N179,500
E. N239,500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2015

FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

Question

i) Explain THREE (3) reasons for carrying out a bank reconciliation. (3 marks)

ii) State THREE (3) items which may appear in the bank reconciliation statement. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Reconciliation, Bank Statement, Cash Book, Reconciling Items
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2023

Question Tag: Bank Statement

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FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

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FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

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FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

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FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

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FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

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FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

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FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

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FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

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FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation

Identifying the cause of discrepancy between the cash book and the bank statement.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q8 – Bank Reconciliation"

FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation

Preparing an adjusted cash book and bank reconciliation for a club with discrepancies.

You're reporting an error for "FA – Nov 2015 – L1 – SB – Q2 – Bank Reconciliation"

FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation

Determining the impact of specific transactions on the bank statement balance.

You're reporting an error for "FA – May 2023 – L1 – SA – Q7 – Bank Reconciliation"

FA – Nov 2019 – L1 – SB – Q3 – Bank Reconciliation

Explains the difference between a bank statement and a bank reconciliation statement.

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FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

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FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations

Calculate the bank statement balance from the adjusted cash book balance.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q19 – Bank Reconciliations"

FA – Nov 2023 – L1 – Q3a – Bank reconciliations

Explain reasons for conducting a bank reconciliation and identify items that may appear in a bank reconciliation statement.

You're reporting an error for "FA – Nov 2023 – L1 – Q3a – Bank reconciliations"

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