Question 1

A Bank Reconciliation Statement is prepared by:

Accepted Answer

A Bank Reconciliation Statement is prepared by the customer of the bank (account holder) to reconcile the bank balance as per cash book with the bank balance as per passbook.

Question 2

Bank Reconciliation Statement is not a:

Accepted Answer

Bank Reconciliation Statement is a statement prepared periodically, not a part of the double-entry accounting system or ledger account.

Question 3

A Bank Passbook is a copy of:

Accepted Answer

A bank passbook is a copy of the customer's account as it appears in the ledger of the bank.

Question 4

Favorable balance as per Cash Book means:

Accepted Answer

A favorable balance as per cash book means a debit balance, indicating a positive bank balance (deposits exceed withdrawals).

Question 5

Favorable balance as per Passbook means:

Accepted Answer

A favorable balance as per passbook means a credit balance, representing the amount deposited by the customer with the bank.