Module 13

Question 1

What is a bank statement?

Answer 1

statement of account prepared by a third party - gives the perspective of the bank and not the entity.
i.e., credit for bank is debit for entity and vice versa

Question 2

Examples of outstanding receipts?

Answer 2

-cheque received or branch deposit that hasn’t cleared

Question 3

Examples of outstanding payments?

Answer 3

cheque issues, BACS payment or CHAPS transfer