Bank Reconciliation: Test Pool (ML-Generated)

  1. What does Acumatica ERP offer to ease the processes of reconciling cash accounts?
    • Quick and accurate tools to ensure that third-party records match the transactions recorded in your system
    • A feature that automatically reconciles cash accounts without any manual input
    • A built-in calculator to help you balance your cash accounts
    • A feature that allows you to import and track transactions from multiple financial institutions
  2. Which transactions should you compare to the statement from a financial institution when you reconcile a bank account? (Select all correct responses.)
    • Cash transactions
    • Payments to vendors
    • Funds transfers between cash accounts
    • Employee payroll
    • Inventory purchases
  3. Before you start bank reconciliation, on which form do you verify the beginning balance of the cash account?
    • Reconciliation Statements
    • Process Bank Transactions
    • Cash Accounts
    • Reconciliation Statement History
  4. What information do you need to know to start the first reconciliation statement?
    • The starting balance of the first reconciliation statement
    • The ending balance of the first reconciliation statement
    • The total number of transactions recorded to the account
    • The date range for which the transactions are displayed
  5. Suppose that you are performing bank reconciliation. What do you do when the reconciled balance and the statement balance are equal?
    • You save and release the reconciliation statement.
    • You void the reconciliation statement and start over.
    • You mark the transactions as unreconciled and adjust the statement balance.
    • You delete the reconciliation statement and create a new one.
  6. What is the purpose of reconciling a bank account?
    • To compare cash account transactions to bank account records and ensure that they match
    • To track expenses and income for tax purposes
    • To identify fraudulent transactions and prevent financial loss
    • To calculate interest earned on the account balance
  7. What happens when you release a balanced reconciliation statement? (Select all correct responses.)
    • The system assigns a date and a reconciliation statement reference number to all reconciled transactions.
    • Reconciled transactions will not appear in any future reconciliation statement.
    • The system automatically adjusts the cash account balance to match the bank account balance.
    • Reconciled transactions will still appear on future reconciliation statements.
    • Releasing a balanced reconciliation statement deletes all reconciled transactions from the system.