SUMMATIVE TEST (BANK RECON)

FOR ABM 12
* Required

1. Email address *

2. NAME ( VIRAY, MELITA C.) *

3. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 2 points

P175,000, Outstanding Checks P25,000, Debit memos P100,000 and

Credit memos P300,000. Compute for the adjusted balance? *

Mark only one oval.

P275,000

P300,000

P400,000

P450,000

Other:
4. Book Balance P250,000, Bank Balance P205,000, Deposit in Transit 2 points
P120,000, Outstanding Checks P25,000, Debit memos P100,000 and
Credit memos P150,000. Compute for the adjusted balance? *

Mark only one oval.

P275,000

P300,000

P400,000

P450,000

Other:

5. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 1 point

P175,000, Outstanding Checks P25,000, Debit memos P100,000 and

Credit memos P300,000. Which is NOT an item needed for the
computation of adjusted balance using Bank balance? *

Mark only one oval.

Bank Balance P250,000

Credit memos P300,000

Deposit in Transit P175,000

Outstanding Checks P25,000

Other:
6. Book Balance P200,000, Bank Balance P250,000, Deposit in Transit 1 point

P175,000, Outstanding Checks P25,000, Debit memos P100,000 and

Credit memos P300,000. Which is NOT an item needed for the
computation of adjusted balance using Book balance? *

Mark only one oval.

Book Balance P200,000

Credit memos P300,000

Debit memos P100,000

Outstanding Checks P25,000

Other:

7. Bank erred by posting another company's credit memo to your company's 1 point

bank account. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

Other:

8. Bank inadvertently charged your bank account for another company's bank 1 point

fees. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

Other:
9. A company wrote a check for P76 and it cleared the bank for P76. However, 1 point

the company recorded the check in its Cash account as P67. How is the
difference of P9 handled on the bank reconciliation? *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

Other:

10. A company had a receipt of P989 and correctly prepared its bank deposit 1 point
slip for P989. However, the company recorded the receipt in its Cash
account as P998. How is the difference of P9 handled on the bank
reconciliation? *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

Other:
11. A company's Cash account has a balance of P999 as of January 31. The 2 points

bank statement for this account reports a balance of P1,430 as of

January 31. There are outstanding checks totaling P840 and a deposit in
transit of P208. The bank statement shows interest earned of P19, service
charges of P30, a customer's returned check of P100, and a check
printing fee of P90. The reconciled Cash balance that should be reported
on the company’s balance sheet as of January 31 is P__________. *

Mark only one oval.

P650

P698

P750

P798

Other:

12. A company has a reconciled/adjusted Cash balance of P999 as of 4 points

January 31. The bank statement for this account reports a balance of
P1,631 as of January 31. There are outstanding checks totaling P840 and a
deposit in transit of P208.The bank statement shows interest earned of
P19, service charges of P30, a customer's returned check of P100, and a
check printing fee of P90. Compute for the unadjusted book balance. *

Mark only one oval.

P1,000

P1,100

P1,200

P1,300

Other:
13. A company has a reconciled/adjusted Cash balance of P905 and 4 points

unadjusted book balance of P1,100 as of January 31. The bank statement

for this account reports a balance of P1,631 as of January 31. There are
outstanding checks totaling P840.The bank statement shows interest
earned of P25, service charges of P30, a customer's returned check of
P100, and a check printing fee of P90. Compute for the Deposit in
Transit. *

Mark only one oval.

P110

P112

P114

P116

Other:

14. Checks that have been written by a company but have not yet been 1 point

charged to the company's checking account are referred to as __________

checks. *

Mark only one oval.

Not Sufficient Fund

Outstanding

Bouncing

Delivered

15. A company's receipts from September 30 that get deposited to the 1 point

company's bank account on October 1st are referred to as __________ as

of September 30. *

Mark only one oval.

Deposits in transit

Outstanding Checks

Credit Memo

Debit memo
16. Outstanding checks * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

17. Bank service charge * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

18. Interest credited to bank account * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

19. Interest charged to bank account. * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

20. Bank inadvertently charged your bank account for another company's 1 point

bank fees. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

21. Deposit in transit * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

22. Bank erred by posting another company's credit memo to your company's 1 point

bank account. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

23. Fee charged by bank for returned check * 1 point

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

24. A company wrote a check for P76 and it cleared the bank for P76. 1 point

However, the company recorded the check in its Cash account as P67.
How is the difference of P9 handled on the bank reconciliation? *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

25. A company had a receipt of P989 and correctly prepared its bank deposit 1 point

slip for P989. However, the company recorded the receipt in its Cash
account as P998. How is the difference of P9 handled on the bank
reconciliation? *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

26. The bank collected a Note Receivable for the company and credited the 1 point

company's bank account for P1,000. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

27. A company deposited a check from a customer into its checking account. 1 point

A few days later the check was returned with the notation account closed
and the bank deducted the amount on the bank statement. *

Mark only one oval.

Add to BOOK balance

Deduct from BOOK balance

Add to BANK balance

Deduct from BANK balance

28. A company's Cash account has a balance of P851 as of October 31. The 2 points

bank statement for this account reports a balance of P1,430 as of

October 31. There are outstanding checks totaling P840 and a deposit in
transit of P60. The bank statement shows interest earned of P19, service
charges of P30, a customer's returned check of P100, and a check
printing fee of P90. The reconciled Cash balance that should be reported
on the company’s balance sheet as of October 31 is P__________. *

Mark only one oval.

P680

P650

P550

P740
29. Which of the following items will require a journal entry to the company's 1 point

books? *

Mark only one oval.

Bank service charge

Bank error

Deposit in transit

Outstanding check

30. Which of the following will NOT require a journal entry to the company's 1 point
books? *

Mark only one oval.

Bank service charge

Outstanding check

Fee on NSF check

Book error

31. A company recorded its check #2754 in its accounting records as P98. 1 point
However, check #2754 was actually written for P89 and it cleared the bank
as P89. What adjustment is needed to the Cash balance per books? *

Mark only one oval.

Decrease by P9

Increase by P9

Not needed
32. A company recorded its August 15 receipts on its books as P165. However, 1 point

the receipts were actually P156. The deposit slip for the bank was
prepared correctly as P156. What adjustment is needed to the Cash
balance per books? *

Mark only one oval.

Decrease by P9

Increase by P9

Not needed

33. A company has a reconciled/adjusted Cash balance of P905 and unadjusted

book balance of P1,100 as of January 31. The bank statement for this account
reports a balance of P1,631 as of January 31. There are outstanding checks
totaling P840.The bank statement shows interest earned of P25, service
charges of P30, a customer's returned check of P100, and a check printing fee
of P90. Compute for the Deposit in Transit.

Mark only one oval.

Option 1

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