Bank Clerk Questions

A Bank Reconciliation Statement is a statement prepared periodically by a customer to explain the divergence (difference) between the bank balance as per cash book and the bank balance as per Pass Book. It clearly shows the two differing balances and the outstanding items which causes the balances to disagree.

The objective of preparing such a statement is to know the causes of differences between the two balances and pass necessary correcting or adjusting entries in the books of the firm. But it is to be noted that some differences are automatically adjusted. For example - A cheque that has been sent for collection, but not yet collected, causes a difference between the balance as shown by the pass book and the balance as shown by the cash book, but no adjusting entry is required in the cash book for such a difference because, the bank will credit the firm’s account as soon as the cheque is collected.

Sensation is the activation of the receptors by stimuli.

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

A business organized as a corporation is owned by its stockholders.

Mercury is the only metal that is in liqid form at room temperature. Caesium, Gallim and Rubidium are also metals that are in liquid form but at slightly high temperature than the room temperature.

China is the largest producer of Rice in the world.

Disposable income is the amount of money that households have available for spending and saving after income taxes have been accounted for.

A decline in disposable income means a movement down along an economy's consumption schedule.