Bank Reconciliation Statement MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

To test your knowledge of bank reconciliation statements, this multiple choice question (MCQs) quiz contains 28 questions covering key topics.

This quiz is helpful preparation for upcoming exams, job interviews, or work tasks. If you find any questions difficult, see the page on bank reconciliation statements.

Each MCQ has 4 options, and you will need to choose the correct response in each case.

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Frequently Asked Questions

What is the main purpose of a Bank Reconciliation Statement?

A Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made.

Why is the Bank Reconciliation Statement prepared?

Any debit balance in the cash book is referred to as the deposits of the business entity. Debit in cash book is equal to credit in passbook. Credit balance in cash book means unfavorable balance. Debit balance in cash book means favorable balance.

Why is the Bank Reconciliation Statement prepared?

Why is the Bank Reconciliation Statement prepared?

What are the five types of a Bank Reconciliation?

There are five main types of account reconciliation: bank reconciliation, customer reconciliation, vendor reconciliation, inter-company reconciliation, and business-specific reconciliation.

What is Bank Reconciliation?

Bank Reconciliation is a process of verifying and balancing a company’s book of record with the bank statement. The goal of bank reconciliation is to identify and correct any discrepancies so that the company’s financial records are accurate.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.