Accounting Online Program Certification Practice Test

To determine the bank balance shown by the bank statement of Omar plc, it's essential to understand the context in which bank statements and reconciliations are used. A bank statement reflects the amounts received and withdrawn from a bank account over a specific period. If £32,760 is the answer provided, this suggests it is the balance after accounting for all transactions reflected in the statement, including deposits and withdrawals. In a standard reconciliation process, bank statements can be compared to the company's cash book to ensure that the records match, and any discrepancies can be investigated, such as outstanding checks or deposits in transit. The other amounts may reflect balances at different points in time or might be influenced by errors or timing differences in recording transactions. Therefore, identifying £32,760 as the accurate bank balance signifies a correct assessment of Omar plc's financial position at the end of the statement period, ensuring that all incoming and outgoing transactions have been accurately accounted for in the bank's records.