Back to the full dot-point answer
QLDAccountingQuick questions
Unit 3: Managing resources for a trading GST business
Quick questions on Cash control and bank reconciliation in QCE Accounting Unit 3
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is step 1: Update the records first?Show answer
Compare the bank statement to the cash records and identify items the bank has processed but the business has not yet recorded. These are journalised before the statement is prepared:
What are step 2: Identify timing differences?Show answer
These are items correctly recorded by the business but not yet shown by the bank:
What is step 3: Prepare the statement?Show answer
Start with the closing bank statement balance, add outstanding deposits, subtract unpresented cheques, and correct any bank errors. The result must equal the updated cash at bank ledger balance.
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.