Bank Reconciliations Flashcards
1
Q
What is a Outstanding Lodgement and Unprecedented Cheques
A
Outstanding lodgement - Money paid into bank by business not appeared on bank statement yet.
Unprecedented cheques - Cheques paid out of business which have no appeared on bank statement yet.
2
Q
When reconciling the cash book and bank statement what is the first step?
A
TO check the opening balance on both cash book and bank statement.
3
Q
Is an outstanding lodgement a debit or credit
A
Debit
4
Q
A
