Reconciling the Bank Account After Purchases or Sales

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Frank's boss has promoted him to the position of senior associate in the accounting department at BigCorp. As a condition of the promotion, Frank has been given the responsibility of reconciling the company's bank accounts. How often should Frank perform this task?

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1. Which of the following is a reason why a trustworthy person who is not the original bookkeeper, should be the one to perform the reconciliation?

2. Though there is no fraud, money deposited is accurate, and all of the checks have cleared, why might the bank account fail to be reconciled?

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About This Quiz & Worksheet

The quiz and worksheet are available so that you can check your understanding of the process of reconciling bank accounts after purchases or sales. Transit and reasons to reconcile the accounts are topics on the quiz.

Quiz & Worksheet Goals

These tools can help check your knowledge of:

  • A non-harmful cause for differences between the bank account and the accounting paperwork
  • Who should perform the reconciliation
  • Maximum amount of time that should pass between reconciliations
  • Reasons to reconcile the accounts
  • The meaning of transit

Skills Practiced

  • Information recall - access the knowledge you have gained about the meaning of transit
  • Interpreting information - verify that you can read information about when reconciling the accounts should occur and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the lesson on reconciling the bank account after purchases or sales

Additional Learning

To learn more, use the accompanying lesson titled Reconciling the Bank Account After Purchases or Sales. Using this lesson, you can analyze more about:

  • What reconciling bank accounts involves
  • Why the reconcile of bank accounts is important
  • The role of modern accounting software
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