Bank Reconciliation Practice Exam

Bank Reconciliation Practice Exam

About Bank Reconciliation
Under financial accounting, bank reconciliation refers to the process of reconciling the bank account balance in a company’s accounting books with the balance reported by the bank as per the bank statement.

If any difference is observed then it analyzed and if applicable it is corrected.

Bank reconciliation statement is a financial report made by the company to tally with the bank transactions as reported by the bank in the bank statement. The bank reconciliation statement verifies the correctness of the entries against the entries in the bank statement.

Companies should verify and reconcile their bank reconciliation statement on regular basis to avoid any discrepancy.

Why is Bank Reconciliation important?
Bank Reconciliation is important for a company as it
•    Correctness of bank interests, charges etc.
•    Any error in debiting or crediting in the transactions
•    Spot any unusual transactions due to fraud or
•    Accounting errors can be easily located
•    Locate any inefficiencies
•    List any uncleared checks or deposits in transit

Who should take the Bank Reconciliation Exam?
Who this course is for:
•    Accounting and finance students
•    Business owner
•    Anyone who wants to assess their accounting skills

Bank Reconciliation Exam Objectives

The bank reconciliation exam checks your skills in bank reconciliation.

Bank Reconciliation Exam Prerequisite

There are no prerequisite for bank reconciliation exam.

Bank Reconciliation Certification Course Outline

1. Basic Accounting Principles and Framework
1.1. Learning to Understand Accounting
1.2. Assumptions, Principles, and Conventions of Accounting
1.3. Global Standards for Accounting

2. The Accounting Equation and Financial Statements
2.1. The Accounting Equation
2.2. Double-entry, Debits, and Credits
2.3. Understanding Financial Statements

3. The Accounting Cycle and Accrual Accounting
3.1. The Accounting Cycle
3.2. Chart of Accounts
3.3. Cash and Accrual Accounting

4. Accounting Transactions and Books of Account
4.1. General Journals and Special Journals
4.2. General Ledgers and Subsidiary Ledgers
4.3. Posting Accounting Transactions

5. Bank Reconciliation
5.1 Cash Receipts
5.2 Cash Disbursements
5.3 Internal controls
5.4 Bank Reconciliations

Exam Format and Information
Certification name – Certificate in Bank Reconciliation
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199