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Financial Accounting May/June 2008  
Questions: 1 2 3 4 5 6 7 8 9 Main
General Comments
Strength
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Question 2

(a) Describe
(i) Bank Statement;
(ii) Bank reconciliation statement.

(b) Light eight items that cause disagreement between Cash book and statement
Balances

_____________________________________________________________________________________________________

observation

Majority of the candidates attempted this question and performed well in the (b) and fairly well in (a i, ii). The expected answer in a i and a ii include:
(a i). Bank Statement:
- It is a Statement prepared by a bank for its customers
- It shows an opening and closing balance
- Transactions that increase the balance are credited while transactions that decrease the balance are debited.

(a ii). Bank Reconciliation Statement:
- It is prepared by a customer of a bank to reconcile the
disagreement of the cash book and bank statement balance
- It is started with cash book balance or bank statement balance
- Unpresented cheque, uncredited cheques and other errors in both
cash book and bank statement are recorded in it.
- The closing balance in this statement should agree with either the
cash book balance or bank statement balance.

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