O-LevelAccountingVerification of accounting records7707/11 · May/June 2016 · Q51 Mark

Waseem received a bank statement. He found that the bank had charged interest twice in error and that a dividend had been received on an investment. Waseem then updated the cash book and prepared a bank reconciliation statement. Where did he record these two items?

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Abank error: bank reconciliation statement, dividend: bank reconciliation statement

Bbank error: bank reconciliation statement, dividend: updated cash book

Cbank error: updated cash book, dividend: bank reconciliation statement

Dbank error: updated cash book, dividend: updated cash book

✓ Correct answer

B: bank error: bank reconciliation statement, dividend: updated cash book

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Topic: Verification of accounting records, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2016 Paper 1 Variant 1, question 5.

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Waseem received a bank statement. He found that the bank had charged interest twice in error and that a dividend had been received on an investment. Waseem then updated the cash book and prepared a bank reconciliation statement. Where did he record these two items?

✓ Correct answer

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