1. The purpose of the bank reconciliation is to make sure that what account is reconciled?

Accounts Receivable

Cash

Revenue

Owner's Equity

2. The two sides that must be reconciled are the bank and book. Book is referring to

the cash ledger account maintained by the company

The bank's records

3. Outstanding checks have

Been recorded on the books, but not cleared the bank

Not been recorded on the books, but have cleared the bank

4. Outstanding checks must be subtracted on the

Bank Side of the reconciliation

Book Side of the reconciliation

5. Outstanding Deposits

Have been recorded on the books, but not in the bank's records

Have been recorded by the bank, but not by the company's (book's) records

6. Outstanding deposits should be added to

The book side of the bank reconciliation

The bank side of the bank reconciliation

7. Bank service charge should be subtracted

The book side

The bank side

8. Electronic fund transfers (EFT) should be added or subtracted to the

Book side of the bank reconciliation

Bank side of the bank reconciliation

9. Bank errors are recorded as either a decrease or an increase on the

Book side of the bank reconciliation

Bank side of the bank reconciliation

10. Book (company) errors are recorded as either an increase or a decrease on the

Book side of the bank reconciliation

Bank side of the bank reconciliation