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WAEC Financial Accounting 2014 Question 8

Question 8

Banking and Bank Reconciliation

Which of the following transactions will result in disagreement between the cash book and the bank statement?

  1. A.Selling of goods on credit to a customer
  2. B.Withdrawal of goods by the proprietor for his personal use
  3. C.Cheque paid directly into the bank account by a customer
  4. D.Omission of purchases received from a supplier on credit
Show the answer and explanation

Answer: C (Cheque paid directly into the bank account by a customer)

Explanation

A customer paying straight into the bank appears on the bank statement before the business records it in the cash book. The other items do not involve the bank at all.