ACCOUNTING QUIZZES for Beginners - Bank Reconciliation Quiz: 20 Questions for Beginners

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com How well do you know Bank Reconciliations? Let’s find out. In this video, I’ve put together 20 multiple-choice questions to test your understanding of bank recs. We'll start with the basics, then the questions will gradually getting more challenging. We’ll cover matched transactions, reconciling items, timing differences, omissions and journal entries. Whether you’re a student, bookkeeper, or small business owner, this quiz is a great way to practise Bank Reconciliations and check your understanding. So what are you waiting for? Grab a pen, play along and don’t forget to drop your score in the comments at the end. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:21 - Q1: Which two records are compared in a Bank Reconciliation? 00:51 - Q2: The Cash Book is prepared by ______. 01:14 - Q3: The Bank Statement is prepared by ______. 01:39 - Q4: The Bank Reconciliation is prepared by ______. 02:01 - Q5: What is the purpose of a Bank Reconciliation? 02:30 - Q6: It’s best practice to perform a Bank Reconciliation ______. 02:57 - Q7: Differences between the Cash Book and the Bank Statement are explained by ______. 03:25 - QuickBooks Online 04:28 - Q8: When a transaction is “matched” in a Bank Reconciliation, it ______. 04:58 - Q9: In a Bank Reconciliation, matched transactions ______. 05:28 - Q10: What can cause differences between the Cash Book and the Bank Statement? 05:57 - Q11: Which of the following is a common example of a timing difference? 06:36 - Q12: An outstanding check is a check that ______. 07:09 - Q13: What is an omission in a Bank Reconciliation? 07:34 - Q14: Which of the following is a common example of an omission? 08:29 - Q15: An NSF check occurs when ______. 09:03 - Q16: Omissions in a Bank Reconciliation usually require ______. 09:32 - Q17: Interest earned appears on the Bank Statement but was omitted from the Cash Book. What Journal Entry is required? 10:11 - Q18: A check recorded as $720 in the Cash Book was recorded by the bank as $270. This is an example of ______. 10:43 - Q19: After completing a Bank Reconciliation, the adjusted Bank Statement and Cash Book balances should ______. 11:12 - Q20: The Bank Statement shows an unadjusted balance of $3,000. A deposit in transit of $400 is identified. What is the adjusted bank balance? 11:54 - Bonus Question: The unadjusted Cash Book balance is $1,500. A bank fee of $60 and interest earned of $120 were omitted. What should the adjusted Cash Book balance be? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingquiz #accountingstuff