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Home Interview Accounting and Finance Comments

  • Question
  • In preparing a bank reconciliation, outstanding checks are


  • Options
  • A. Deducted from the balance sheet
  • B. Added to the bank balance
  • C. Deducted from the bank balance
  • D. Added to the balance sheet

  • Correct Answer
  • Deducted from the balance sheet 

    Explanation

    If an outstanding check of the previous month clears the bank (is paid by the bank) in the current month, you simply remove that check from the list of outstanding checks.

    If an outstanding check of the previous month does not clear the bank in the current month, the check will remain on the list of outstanding checks until the month that it does clear the bank.

    In the bank reconciliation process, the total amount of the outstanding checks is deducted from the balance appearing on the bank statement.

  • Tags: AIEEE, Bank Exams, CAT, GATE, Analyst, Bank Clerk, Bank PO

    Accounting and Finance problems


    Search Results


    • 1. The yield to maturity on a discount bond is

    • Options
    • A. equal to both the coupon rate / current yeild
    • B. less than the current yeild but greater than the coupon rate
    • C. greater than both the coupon rate / current yeild
    • D. equal to the current yeild but greater than the coupon rate
    • Discuss
    • 2. Saving accounts usually offer ___ interest rates than checking accounts.

    • Options
    • A. Higher
    • B. Lower
    • C. Equal
    • D. None
    • Discuss
    • 3. Which of the following is the oldest Joint Stock Bank of India ?

    • Options
    • A. Patiala Bank
    • B. Punjab National Bank
    • C. Bank of India
    • D. Allahabad Bank
    • Discuss
    • 4. Explain What is the difference between debenture holders and creditors ?
    • Discuss
    • 5. All of these are exemptions from local real property taxes EXCEPT :

    • Options
    • A. Low-income homeowner's exemption
    • B. Homeowner's exemption
    • C. Veteran's exemption
    • D. Senior citizen's tax exemption
    • Discuss
    • 6. What is an example of an inflation risk?
    • Discuss
    • 7. The income and substitution effects account for

    • Options
    • A. the upward sloping curve
    • B. the downward sloping curve
    • C. Both A & B
    • D. None of the above
    • Discuss
    • 8. Transfer payments are included in

    • Options
    • A. Government subsidies
    • B. GDP
    • C. Both A & B
    • D. None of the above
    • Discuss
    • 9. In which of the following cases will total revenue increase?

    • Options
    • A. Price rises and demand is inelastic
    • B. Price falls and supply is inelastic
    • C. Price rises and demand is elastic
    • D. Price falls and demand is inelastic
    • Discuss
    • 10. Devaluation of currency leads to

    • Options
    • A. increase in domestic prices
    • B. erratic fluctuations in domestic prices
    • C. fall in domestic prices
    • D. no impact on domestic prices
    • Discuss


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