ABM PIPS HELP

1. This is a report which compares the bank balance as per company’s accounting records
with each balance stated in the bank statement.
A. Bank Statement
B. Bank Reconciliation Statement
C. Cash Book
D. Financial Statement
2. When checks are recorded in the company’s cash account but have not yet cleared and
presented to the bank by the payee, this check is called?
A. Managers check
B. Post-dated check
C. Outstanding check
D. Bouncing check
3. _________________ are checks issued by the firm that have not yet been presented to
its bank for payment.
A. Unpresented Checks
B. Bouncing Checks
C. Outstanding checks
D. Post-dated checks
4. NSF like NSF check stands for _________________________.
A. No Sufficient Funds
B. Not Sufficient Funds
C. No Standing Funds
D. None of the above
5. What are these charges made by the bank to the company for banking services used?
A. Generally Accepted form of money.
B. Includes coins, paper notes.
C. May include USD, PHP, and other.
D. Bank Charges
6. Which is true about bank reconciliation?
A. A process of matching the balances in an entity’s accounting records for cash
account to the corresponding information on a bank.
B. To attain the differences between two records – company’s books and bank
books.
C. Should be completed at regular intervals for all bank accounts.
D. All of the above.
7. Bank reconciliation is important because ________________
A. It is part of the accounting cycle.
B. It will detect errors from the company’s accounting records and its bank.
C. It is needed yearly. D. None of the above.
8. ________________ this may result to non-recording of current transactions in real
time.
A. Time deficiency
B. Time-lags
C. Untimely
D. Noncurrent
9. The following are common reconciling items except for _____________.
A. Interest earned

12
B. Adjustments to checks and deposits
C. Cash deposits
D. Service Charges
10. Which of the following are found in the bank reconciliation statement?
A. Outstanding checks
B. Adjusted balance
C. Title of statement
D. All of the above