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WAEC Financial Accounting 2019 Question 23

Question 23

Banking and Bank Reconciliation

When bank charges are deducted from a customer's account, the balance on the bank statement would be

  1. A.more than the cash book balance.
  2. B.less than the cash book balance.
  3. C.equal to the cash book balance.
  4. D.added to the cash book balance.
Show the answer and explanation

Answer: B (less than the cash book balance.)

Explanation

The bank has deducted charges the cash book has not, so the bank balance is lower.