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Q:

In preparing a bank reconciliation, outstanding checks are

A) Deducted from the balance sheet B) Added to the bank balance
C) Deducted from the bank balance D) Added to the balance sheet

Answer:   A) Deducted from the balance sheet



Explanation:

If an outstanding check of the previous month clears the bank (is paid by the bank) in the current month, you simply remove that check from the list of outstanding checks.

If an outstanding check of the previous month does not clear the bank in the current month, the check will remain on the list of outstanding checks until the month that it does clear the bank.

In the bank reconciliation process, the total amount of the outstanding checks is deducted from the balance appearing on the bank statement.

Subject: Bank Interview - Accounting and Finance
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Analyst , Bank Clerk , Bank PO
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Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Which of the following terms is not used in banking sector?

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Actuary is the term which is not used in banking sector.

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Exam Prep: AIEEE , Bank Exams , CAT
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Answer

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Subject: Bank Interview - Accounting and Finance Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Financial statements are prepared from which trial balance?

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Answer & Explanation Answer: B) Adjusted trial balance

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Financial statements can be prepared from the Adjusted trial balance. A trial balance is a report containing list of all the general ledger accounts i.e, debits and credits contained in the ledger of a business. The types of trial balance include : Unadjusted trial balance, Adjusted trial balance and the Post- closing trial balance.

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Commercial banks are funded through which of the following?

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A commercial bank is a financial body which performs the functions of accepting deposits from the general public and giving short term loans for investment with the aim of earning profit.

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