SUMMATIVE TEST (BANK RECON)
FOR ABM 12
* Required
1. Email address *
2. NAME ( VIRAY, MELITA C.) *
3. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 2 points
P175,000, Outstanding Checks P25,000, Debit memos P100,000 and
Credit memos P300,000. Compute for the adjusted balance? *
Mark only one oval.
P275,000
P300,000
P400,000
P450,000
Other:
4. Book Balance P250,000, Bank Balance P205,000, Deposit in Transit 2 points
P120,000, Outstanding Checks P25,000, Debit memos P100,000 and
Credit memos P150,000. Compute for the adjusted balance? *
Mark only one oval.
P275,000
P300,000
P400,000
P450,000
Other:
5. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 1 point
P175,000, Outstanding Checks P25,000, Debit memos P100,000 and
Credit memos P300,000. Which is NOT an item needed for the
computation of adjusted balance using Bank balance? *
Mark only one oval.
Bank Balance P250,000
Credit memos P300,000
Deposit in Transit P175,000
Outstanding Checks P25,000
Other:
6. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 1 point
P175,000, Outstanding Checks P25,000, Debit memos P100,000 and
Credit memos P300,000. Which is NOT an item needed for the
computation of adjusted balance using Book balance? *
Mark only one oval.
Book Balance P200,000
Credit memos P300,000
Debit memos P100,000
Outstanding Checks P25,000
Other:
7. Bank erred by posting another company's credit memo to your company's 1 point
bank account. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
Other:
8. Bank inadvertently charged your bank account for another company's bank 1 point
fees. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
Other:
9. A company wrote a check for P76 and it cleared the bank for P76. However, 1 point
the company recorded the check in its Cash account as P67. How is the
difference of P9 handled on the bank reconciliation? *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
Other:
10. A company had a receipt of P989 and correctly prepared its bank deposit 1 point
slip for P989. However, the company recorded the receipt in its Cash
account as P998. How is the difference of P9 handled on the bank
reconciliation? *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
Other:
11. A company's Cash account has a balance of P999 as of January 31. The 2 points
bank statement for this account reports a balance of P1,430 as of
January 31. There are outstanding checks totaling P840 and a deposit in
transit of P208. The bank statement shows interest earned of P19, service
charges of P30, a customer's returned check of P100, and a check
printing fee of P90. The reconciled Cash balance that should be reported
on the company’s balance sheet as of January 31 is P__________. *
Mark only one oval.
P650
P698
P750
P798
Other:
12. A company has a reconciled/adjusted Cash balance of P999 as of 4 points
January 31. The bank statement for this account reports a balance of
P1,631 as of January 31. There are outstanding checks totaling P840 and a
deposit in transit of P208.The bank statement shows interest earned of
P19, service charges of P30, a customer's returned check of P100, and a
check printing fee of P90. Compute for the unadjusted book balance. *
Mark only one oval.
P1,000
P1,100
P1,200
P1,300
Other:
13. A company has a reconciled/adjusted Cash balance of P905 and 4 points
unadjusted book balance of P1,100 as of January 31. The bank statement
for this account reports a balance of P1,631 as of January 31. There are
outstanding checks totaling P840.The bank statement shows interest
earned of P25, service charges of P30, a customer's returned check of
P100, and a check printing fee of P90. Compute for the Deposit in
Transit. *
Mark only one oval.
P110
P112
P114
P116
Other:
14. Checks that have been written by a company but have not yet been 1 point
charged to the company's checking account are referred to as __________
checks. *
Mark only one oval.
Not Sufficient Fund
Outstanding
Bouncing
Delivered
15. A company's receipts from September 30 that get deposited to the 1 point
company's bank account on October 1st are referred to as __________ as
of September 30. *
Mark only one oval.
Deposits in transit
Outstanding Checks
Credit Memo
Debit memo
16. Outstanding checks * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
17. Bank service charge * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
18. Interest credited to bank account * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
19. Interest charged to bank account. * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
20. Bank inadvertently charged your bank account for another company's 1 point
bank fees. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
21. Deposit in transit * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
22. Bank erred by posting another company's credit memo to your company's 1 point
bank account. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
23. Fee charged by bank for returned check * 1 point
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
24. A company wrote a check for P76 and it cleared the bank for P76. 1 point
However, the company recorded the check in its Cash account as P67.
How is the difference of P9 handled on the bank reconciliation? *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
25. A company had a receipt of P989 and correctly prepared its bank deposit 1 point
slip for P989. However, the company recorded the receipt in its Cash
account as P998. How is the difference of P9 handled on the bank
reconciliation? *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
26. The bank collected a Note Receivable for the company and credited the 1 point
company's bank account for P1,000. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
27. A company deposited a check from a customer into its checking account. 1 point
A few days later the check was returned with the notation account closed
and the bank deducted the amount on the bank statement. *
Mark only one oval.
Add to BOOK balance
Deduct from BOOK balance
Add to BANK balance
Deduct from BANK balance
28. A company's Cash account has a balance of P851 as of October 31. The 2 points
bank statement for this account reports a balance of P1,430 as of
October 31. There are outstanding checks totaling P840 and a deposit in
transit of P60. The bank statement shows interest earned of P19, service
charges of P30, a customer's returned check of P100, and a check
printing fee of P90. The reconciled Cash balance that should be reported
on the company’s balance sheet as of October 31 is P__________. *
Mark only one oval.
P680
P650
P550
P740
29. Which of the following items will require a journal entry to the company's 1 point
books? *
Mark only one oval.
Bank service charge
Bank error
Deposit in transit
Outstanding check
30. Which of the following will NOT require a journal entry to the company's 1 point
books? *
Mark only one oval.
Bank service charge
Outstanding check
Fee on NSF check
Book error
31. A company recorded its check #2754 in its accounting records as P98. 1 point
However, check #2754 was actually written for P89 and it cleared the bank
as P89. What adjustment is needed to the Cash balance per books? *
Mark only one oval.
Decrease by P9
Increase by P9
Not needed
32. A company recorded its August 15 receipts on its books as P165. However, 1 point
the receipts were actually P156. The deposit slip for the bank was
prepared correctly as P156. What adjustment is needed to the Cash
balance per books? *
Mark only one oval.
Decrease by P9
Increase by P9
Not needed
33. A company has a reconciled/adjusted Cash balance of P905 and unadjusted
book balance of P1,100 as of January 31. The bank statement for this account
reports a balance of P1,631 as of January 31. There are outstanding checks
totaling P840.The bank statement shows interest earned of P25, service
charges of P30, a customer's returned check of P100, and a check printing fee
of P90. Compute for the Deposit in Transit.
Mark only one oval.
Option 1
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