PRC-1 · Chapter 9 · Question 46 of 100
Which of the following best describes 'uncleared lodgments'?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Cheques received and recorded in the cash book, deposited, but not yet credited by the bank.
Explanation
Uncleared lodgments (or uncredited cheques) are deposits made by the business that have not yet cleared the banking system and thus do not appear on the bank statement.
More Bank Reconciliations MCQs
- Q48The bank reconciliation statement is best described as:
- Q49What is the correct journal entry for a bank charge of Rs. 500 recorded in the bank statement but missed in the cash book?
- Q50A payment of Rs. 1,200 was recorded in the cash book as Rs. 2,100. What is the correcting entry in the cash book?
- Q51Which of the following correctly describes an unfavorable (overdraft) balance in the cash book?
- Q52Which of the following correctly describes a favorable balance on a bank statement?