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WAEC Financial Accounting 1995 Question 24

Question 24

Banking and Bank Reconciliation

Which of the following are on the bank statement before reconciliation? (i) Standing order (ii) Payment to a creditor (iii) Receipt from a debtor (iv) Uncredited cheques (v) Unpresented cheques

  1. A.(i) and (v) only
  2. B.(i) and (ii) only
  3. C.(i), (ii) and (iii) only
  4. D.(i) and (iv) only
  5. E.(i), (iv) and (v) only.
Show the answer and explanation

Answer: C ((i), (ii) and (iii) only)

Explanation

Standing orders and direct payments/receipts appear on the bank statement first; uncredited and unpresented cheques are not yet on it.