The process of reconciling cheques between banks is termed cheque?
Clearing
Truncation
Holding
Confirmation
Correct answer is A
No explanation has been provided for this answer.
In bank reconciliation process, discrepancies cause by timing arises as a result of?
Cash book bank statement
Bank statement only
Cash book, bank statement and other incidental records
Cash book only
Correct answer is A
No explanation has been provided for this answer.
N60
N90
N40
N100
Correct answer is A
No explanation has been provided for this answer.
N260
N300
N200
N380
Correct answer is B
No explanation has been provided for this answer.
The medium of correcting errors whose differences are shown in the trial balance is by the use of?
Debtors' account
Creditor's account
Suspense account
Ledger account
Correct answer is C
A suspense account is an account used to temporarily store transactions for which there is uncertainty about where they should be recorded. It is also used in correcting some errors that are shown or revealed by the Trial Balance.