Practice 10 questions on FINACC - Financial Accounting at University of Fort Hare. Free AI-generated quiz on uNotes — track your score, retake anytime.
1A deposit of R87,380 is reflected in the cash book as R87,830. How should this error be corrected in the Supplementary Trust Cash Book?
2According to Format 2, which of the following items must be recorded in the Supplementary Business Cash Book?
3In Format 3, Payment No. 293 was recorded in the cash book as R1,250, but the bank statement shows the actual amount was R1,205. What is the necessary adjustment in the Supplementary Cash Book?
4When the bank statement reflects an 'unfavorable' balance, it implies that the account is:
5In Format 2, item 9, the bank inadvertently processed a trust payment of R350 through the business account. Where should this be recorded?
6Based on Format 4, what is the effect of an 'EFT payment reversal marked Unpaid' of R26,000 on the cash book balance?
7Which of these items are typically found in a Bank Reconciliation Statement rather than a Supplementary Cash Book?
8In Format 4, your starting business cash book balance is R10,000 overdrawn. After recording bank charges of R4,000 and interest on overdraft of R3,000, what is the new cash book balance?
9A payment for R1,872 was recorded in the cash book as R1,278. To correct this error in the Supplementary Cash Book, you must:
10Why are 'outstanding deposits' included in the Bank Reconciliation Statement?
