Any shortage in the Cash Balance should be recovered the same day from the employee concerned of the Cash Department. If recovery is not possible on the same day, the amount of shortage should be debited to the ……
a. Sundry Creditors Account
b. Sundry debtors Account
c. Suspense Account
d. Any one of the above
Ans – c
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As per FIU guidelines the records of all information on identity of clients are required to be maintained by every reporting entity for a period of year(s) from the date of cessation of
the relationship with their clients.
a. One
b. Two
c. Three
d. Five
Ans – d
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Which of the following are required to be reported to FIU. (i) Cash transaction report (CTR), (ii) Counterfeit currency report (CCR), (iii) Suspicious transaction report (STR)
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans – d
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Banks should display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for or more on their respective websites
a. 1 year
b. 2 years
c. 5 years
d. 10 years
Ans – d
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The written agreement of partnership is most commonly referred to as ……
a. Agreement
b. Partnership deed
c. Partnership contract
d. Partnership Act
Ans – b
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Which of the following pairs of accounts will have their balances on the same side?
a. Carriage Inwards account and Carriage Outwards account
b. Purchases account and Return Outwards account
c. Capital account and Drawings account
d. Sales account and Return Inwards account
Ans – a
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The accounting entry to record bank charges deducted from the Bank Account of the business
……
a. Debit Interest account credit Bank Account
b. Debit Cash Account credit Bank Charges Account
c. Debit Bank Charges Account credit Bank Account
d. Debit Bank Charges Account credit Cash Account
Ans – c
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In which of the following types of partnership the liability of at least one partner is unlimited whereas the liability of other partners is limited?
a. General partnership
b. Particular partnership
c. Partnership-at-will
d. Limited partnership
Ans – d
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In which of the following types of partnership there is no agreement regarding the duration of partnership?
a. General partnership
b. Partnership-at-will
c. Limited partnership
d. Registered partnership
Ans – b
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