300+ TOP BANK Reconciliation Interview Questions and Answers

Bank Reconciliation Interview Questions for freshers experienced :-

1. Which items on a Bank Reconciliation will require a journal entry?
The items on the bank reconciliation that will require a journal entry are the items noted as “adjustments to books.” These items did appear on the bank statement, but they did not appear on the company’s books.

2. What should be the qualities of bank reconciliation clerk?
In order to score in this interview question, a efficient way is to give a list of qualities and skills that is suitable with an admin assistant position. You can start with “Firstly, an admin must have effective methods, secondly, give job the priority, thirdly, create a good team work” etc. Remember that the duty of an admin assistant is to communicate with several of people, so excellent communication skills and a good personality are required.

3.Who maintains Bank Reconciliation Statement?
Bank Reconciliation statement is prepared when bank balance as our books and bank balance as per pass book (i.e bank book) differ…it basically prepared to rectify the error occurred during the bank transactions.

4. What have you done to improve your knowledge for bank reconciliation clerk position in the previous year?

  • Try to include improvement activities that relate to the job. A wide variety of activities can be mentioned as positive self-improvement. Have some good ones handy to mention.
  • Employers look for applicants who are goal-oriented. Show a desire for continuous learning by listing hobbies non-work related. Regardless of what hobbies you choose to showcase, remember that the goal is to prove self-sufficiency, time management, and motivation.

5. What experience you should have for bank reconciliation clerk position?

  • Speak about specifics that relate to the position you are applying for. If you do not have specific experience, get as close as you can.
  • If you are being asked this question from your employer then you can explain your experience. Tell the employer what responsibilities you were performing during your job. You can tell what programs you developed and what modules you worked on. What were your achievements regarding different programs.

6. What items will be subtracted while preparing a bank reconciliation statement?

  1. Cheques deposited but not cleared
  2. Interest/Bank Charges debited by bank
  3. Direct payments made by bank not entered in Cash book
  4. Cheques dishonored not recorded in cash book
  5. Wrong debits given by bank
  6. If it is prepared with the Bank balance as per the bank passbook, then the above procedure will be reversed i.e the items will be added to the pass book which were deducted from the cash book balance and those items will be deducted from the bank pass book balance which were added to the cash book balance.

7. Tell me what are the important things to be remembered while preparing a bank reconciliation statement?

  • Bank Reconciliation Statement is prepared either by starting with the Bank pass book balance or Cash book balance.
  • If the balance of the Cash book is taken as a starting point then Cash book balance is to be adjusted in accordance with the entries passed in the Bank pass book and vice versa. For example: If the balance is taken as per the Cash book then the following items will be added
  • Cheques issued but not presented for payment
  • Amount credited in Passbook but not in Cash book
  • Deposits made in the bank directly
  • Wrong credits given by bank
  • Interest credited in the Passbook

8. Tell me what are the reasons which cause pass book of the bank and your bank book not tally?

  • Cheques deposited into the bank but not yet collected
  • Cheques issued but not yet presented for payment
  • Bank charges
  • Interest credited by the bank
  • Direct payment by customers into the bank account
  • Dishonor of cheques
  • Clerical errors
  • Amount collected by bank on standing instructions of the concern
  • Amount paid by the bank on standing instructions of the concern
  • Interest debited by the bank

9. What is bank reconciliation statement?
Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. At the end of every month entries in the cash book are compared with the entries in the pass book. The causes of differences in balances of both the books are scrutinized and then reconciliation statement is prepared.

10. Why bank reconciliation statement is prepared?
This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.

BANK Reconciliation Interview Questions
BANK Reconciliation Interview Questions

11. Bank reconciliation Behavioral interview questions:
► What can you do for us that other candidates cant?
► Give me an example of a high-pressure situation?
► What kinds of situations do you find most stressful?
► What kind of events cause you stress on the job?
► What do you like and dislike about the job we are discussing?

12. Bank reconciliation about Strengths and Weaknesses interview questions:
► What has been your most successful experience in speech making?
► When was the last time you were in a crises?
► Tell us about the last time you had to negotiate with someone?
► How do you see your job relating to the overall goals?
► What do you believe are your key strengths?

13. Bank reconciliation Communication skills interview questions:
► What three character traits would your friends use to describe you?
► Describe a time you were faced with stresses which tested your skills?
► What do you consider your most significant accomplishment?
► What do you think this position involves?
► What’s most important to you in a new position?

14. Bank Reconciliation Situational interview questions:
¤ How do you think you can make a contribution to this company?
¤ How did you handle meeting a tight deadline?
¤ Which subjects did you enjoy during your qualifying degree?
¤ What would make you happy in a job?
¤ What relevant experience do you have?

15 Bank Reconciliation Video interview questions:
¤ Tell me about your proudest achievement?
¤ Give me an example that best describes your organizational skills?
¤ How have you changed in the last five years?
¤ What was the most important task you ever had?
¤ What would you say are your strong points?

16. Bank Reconciliation Competency Based job interview questions:
► Tell me about a difficult experience you had in working?
► How do you react to instruction and criticism?
► When given an important assignment, how do you approach it?
► What were your annual goals at your most current employer?
► How do you feel about taking no for an answer?

17. Bank Reconciliation Basic interview questions:
► Have you done this kind of work before?
► How long would you stay with our company?
► Do you think you are overqualified for this position?
► How did you prepare for this work?
► Do you have any questions for me?

18. Bank Reconciliation Phone interview questions:
► Tell me about yourself?
► When were you most satisfied in your job?
► What are the qualities of a good leader?
► What are your long-term goals or career plans?
► What are three positive character traits you don’t have?

19. Explain things to avoid while preparing a bank reconciliation statement?

  • Cheques deposited but not cleared;
  • Interest/Bank Charges debited by bank
  • Direct payments made by bank not entered in Cash book
  • Cheques dishonoured not recorded in cash book
  • Wrong debits given by bank
  • If it is prepared with the Bank balance as per the bank passbook, then the above procedure will be reversed i.e the items will be added to the pass book which were deducted from the cash book balance and those items will be deducted from the bank pass book balance which were added to the cash book balance.

20. Explain step for preparing a bank reconciliation statement?

  • Bank Reconciliation Statement is prepared either by starting with the Bank pass book balance or Cash book balance.
  • If the balance of the Cash book is taken as a starting point then Cash book balance is to be adjusted in accordance with the entries passed in the Bank pass book and vice versa. For example: If the balance is taken as per the Cash book then the following items will be added:
  • Cheques issued but not presented for payment;
  • Amount credited in Passbook but not in Cash book;
  • Deposits made in the bank directly;
  • Wrong credits given by bank;
  • Interest credited in the Passbook.

21. Explain Bank Reconciliation Statement. Why is it prepared?
Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. At the end of every month entries in the cash book are compared with the entries in the pass book. The causes of differences in balances of both the books are scrutinized and then reconciliation statement is prepared. This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.

22. What are the important things to be remembered while preparing a bank reconciliation statement?
While preparing a bank reconciliation statement following important points need to be remembered:

  • Bank Reconciliation Statement is prepared either by starting with the Bank pass book balance or Cash book balance.
  • If the balance of the Cash book is taken as a starting point then Cash book balance is to be adjusted in accordance with the entries passed in the Bank pass book and vice versa. For example: If the balance is taken as per the Cash book then the following items will be added:
  • Cheques issued but not presented for payment;
  • Amount credited in Passbook but not in Cash book;
  • Deposits made in the bank directly;
  • Wrong credits given by bank;
  • Interest credited in the Passbook.

The following items will be subtracted:

  • Cheques deposited but not cleared;
  • Interest/Bank Charges debited by bank
  • Direct payments made by bank not entered in Cash book
  • Cheques dishonoured not recorded in cash book
  • Wrong debits given by bank
  • If it is prepared with the Bank balance as per the bank passbook, then the above procedure will be reversed i.e the items will be added to the pass book which were deducted from the cash book balance and those items will be deducted from the bank pass book balance which were added to the cash book balance.

23. Explain the reasons which cause pass book of the bank and your bank book not tally?

  • Cheques deposited into the bank but not yet collected
  • Cheques issued but not yet presented for payment
  • Bank charges
  • Amount collected by bank on standing instructions of the concern.
  • Amount paid by the bank on standing instructions of the concern.
  • Interest debited by the bank
  • Interest credited by the bank
  • Direct payment by customers into the bank account
  • Dishonour of cheques
  • Clerical errors

Bank Reconciliation Questions and Answers Pdf Download

300+ TOP Bank Reconciliation Interview Questions and Answers

Q1. What Are The Steps For Preparing A Bank Reconciliation Statement?

 Steps in preparing a bank reconciliation statement: Step 1 – Find the deposits in trit: The first step is to see if one or more deposits are in trit. You can do so by comparing the deposits in your accounting record with the deposits shown in your bank statement. If you find a deposit in your accounting record that has not been shown in the bank statement, it me that deposit is in trit. Add to the bank statement balance all deposits that are in your accounting record but have not been entered in the bank statement. Step 2 – Find outstanding/unpresented checks and deduct from bank statement balance: Find all checks that you have issued but have not been presented for payment. You can do so by comparing the checks issued in your accounting record with the checks paid in your bank statement. If your accounting record shows that a check has been issued and your bank statement does not show a corresponding entry for that check, it me it is an outstanding or unpresented check. Deduct from the bank statement balance all the checks that you have issued and entered in your accounting record but have not been paid by the bank. Step 3 – Find and add credit memorandum to your accounting record: Bank issues a credit memorandum when it collects a note receivable on behalf of the depositor. Find if there is any credit memorandum issued by the bank that you have not entered in the accounting record. Add to your accounting record any credit memorandum not entered in your accounting record. Step 4 – Find and deduct debit memorandum from your accounting record: Bank provides various services to its depositors such as printing checks, processing NSF checks and collecting notes receivables etc. Bank deducts charges from depositor’s account for these services and intimates him or her about such deductions by issuing a debit memorandum. Find any debit memorandum not recorded in your accounting record. Deduct from your accounting record any debit memorandum issued by the bank but not entered in the accounting records. Step 5 – Are the adjusted balances equal? See whether adjusted balance of your accounting record is equal to the adjusted balance in your bank statement. Step 6 – Make appropriate journal entries: The final step in a bank reconciliation is to prepare appropriate journal entries for the items that you have not recorded yet in your accounting records.  

Q2. When Bank Reconciliation Statement Prepared?

Normally Bank Reconciliation Statement is prepared by the trader on closing date of accounts, i.e., Dec. 31 or June 30 or March 3@Sometimes it is prepared at the end of every month after preparing Cash Book or regularly after certain interval to check the accuracy of Cash Book. statutory there is no specific date to prepare it.

Q3. Explain Bank Reconciliation Statement. Why Is It Prepared?

Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. At the end of every month entries in the cash book are compared with the entries in the pass book. The causes of differences in balances of both the books are scrutinized and then reconciliation statement is prepared. This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.

Q4. What Do You Mean By Bank Reconciliation Statement?

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own [accounting] records at a particular point of time.

Q5. Who Maintains Bank Reconciliation Statement?

Bank Reconciliation statement is prepared when bank balance as our books and bank balance as per pass book (i.e bank book) differ…it basically prepared to rectify the error occurred during the bank tractions.

Q6. What Is The Meaning Of Reconciliation Statement?

A reconciliation statement is a document that begins with a company’s own record of an account balance, adds and subtracts reconciling items in a set of additional columns, and then uses these adjustments to arrive at the record of the same account held by a third party.

Q7. What Should Be The Qualities Of Bank Reconciliation Clerk?

In order to score in this interview question, a efficient way is to give a list of qualities and skills that is suitable with an admin assistant position. You can start with “Firstly, an admin must have effective methods, secondly, give job the priority, thirdly, create a good team work” etc. Remember that the duty of an admin assistant is to communicate with several of people, so excellent communication skills and a good personality are required.

Q8. Tell Me What Are The Important Things To Be Remembered While Preparing A Bank Reconciliation Statement?

Bank Reconciliation Statement is prepared either by starting with the Bank pass book balance or Cash book balance. If the balance of the Cash book is taken as a starting point then Cash book balance is to be adjusted in accordance with the entries passed in the Bank pass book and vice versa. For example: If the balance is taken as per the Cash book then the following items will be added. Cheques issued but not presented for payment. Amount credited in Passbook but not in Cash book. Deposits made in the bank directly. Wrong credits given by bank. Interest credited in the Passbook.  

Q9. Why Is Bank Reconciliation Statement Prepared?

Bank reconciliation statement is a statement prepared on a particular day to reconcile the bank balance as per Cash book or Bank statement showing entries causing difference between the two balances.

Q10. What Is Bank Reconciliation?

A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.

Q11. What Is A Reconciliation Process?

Reconciliation is an accounting process that uses two sets of records to ensure figures are accurate and in agreement. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.

Q12. What Do You Mean By Gl Reconciliation?

General Ledger Reconciliation is the process performed by accountants to verify the integrity of account balances on the company’s general ledger of accounts.

Q13. What Have You Done To Improve Your Knowledge For Bank Reconciliation Clerk Position In The Previous Year?

Try to include improvement activities that relate to the job. A wide variety of activities can be mentioned as positive self­improvement. Have some good ones handy to mention.  Employers look for applicants who are goal­oriented. Show a desire for continuous learning by listing hobbies non­work related. Regardless of what hobbies you choose to showcase, remember that the goal is to prove selfsufficiency, time management, and motivation. 

Q14. What Is Bank Reconciliation Statement With Example?

A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.

Q15. What Is The Purpose Of Reconciling A Bank Statement?

A bank reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash tractions. The ending balance of your version of the cash records is known as the book balance, while the bank’s version is called the bank balance.

Q16. What Items Will Be Subtracted While Preparing A Bank Reconciliation Statement?

Cheques deposited but not cleared Interest/Bank Charges debited by bank Direct payments made by bank not entered in Cash book Cheques dishonored not recorded in cash book Wrong debits given by bank If it is prepared with the Bank balance as per the bank passbook, then the above procedure will be reversed i.e the items will be added to the pass book which were deducted from the cash book balance and those items will be deducted from the bank pass book balance which were added to the cash book balance.  

Q17. What Is The Importance Of Bank Reconciliation?

Importance of Bank Reconciliation : Preparation of bank reconciliation helps in the identification of errors in the accounting records of the company or the bank. Cash is the most vulnerable asset of an entity. Bank reconciliations provide the necessary control mechanism to help protect the valuable resource through uncovering irregularities such as unauthorized bank withdrawals. However, in order for the control process to work effectively, it is necessary to segregate the duties of persons responsible for accounting and authorizing of bank tractions and those responsible for preparing and monitoring bank reconciliation statements. If the bank balance appearing in the accounting records can be confirmed to be correct by comparing it with the bank statement balance, it provides added comfort that the bank tractions have been recorded correctly in the company records. Monthly preparation of bank reconciliation assists in the regular monitoring of cash flows of a business.

Q18. What Is The Meaning Of Brs In Accounting?

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period.

Q19. Which Items On A Bank Reconciliation Will Require A Journal Entry?

The items on the bank reconciliation that will require a journal entry are the items noted as “adjustments to books.” These items did appear on the bank statement, but they did not appear on the company’s books.

Q20. What Is A Reconciliation Account?

In accounting, Reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent.

Q21. Explain The Reasons Which Cause Pass Book Of The Bank And Your Bank Book Not Tally?

Cheques deposited into the bank but not yet collected. Cheques issued but not yet presented for payment. Bank charges. Amount collected by bank on standing instructions of the concern. Amount paid by the bank on standing instructions of the concern. Interest debited by the bank. Interest credited by the bank. Direct payment by customers into the bank account. Dishonour of cheques. Clerical errors.