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Interpretation of Bank Statements - SS1 Accounting Past Questions and Answers - page 1

1

What is a bank statement?

A

A summary of all the transactions in a bank account over a specific period

 

B

A report on the economic performance of a bank

C

A statement of the financial position of a bank

D

A statement issued by the government to banks

correct option: a
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2

What does the beginning balance in a bank statement represent?

A

The amount of money in the account at the end of the statement period

B

The amount of money in the account at the start of the statement period

C

The amount of money deposited in the account during the statement period

D

The amount of money withdrawn from the account during the statement period

correct option: b
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3

What are withdrawals in a bank statement?

A

The funds added to the account during the statement period

 

B

The funds taken out of the account during the statement period

C

The fees charged by the bank for account maintenance

D

The interest earned on the account during the statement period

correct option: b
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4

What does a bank statement include?

A

Only the ending balance of the account 

 

B

Only the transactions made in the account during the statement period

 

C

The beginning and ending balances, deposits, withdrawals, fees, and interest earned

 

D

The financial performance of the bank

correct option: c
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5

What is the purpose of interpreting a bank statement?

A

To keep track of account activity and manage finances

B

To report unauthorized transactions to the bank

C

To check the financial performance of the bank

D

To dispute fees charged by the bank

correct option: a
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6

What are deposits in a bank statement?

Deposits are the funds that have been added to the account during the statement period.

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7

Why is it important to understand a bank statement?

It is important to understand a bank statement to keep track of account activity, manage finances, and ensure the accuracy of transactions.

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