Under fluctuation method of capital, what is the treatment of “interest on capital”?
a. Credited to capital account
b. Debited to capital account
c. No treatment or adjustment needed
d. Credited to current account
Ans – a
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What type of accounting error has occurred when an amount received from Ram is posted to Raj?
a. Error of duplication
b. Error of commission
c. Double entry error
d. Error of principle
Ans – b
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Is India a member of FATF?
a. Yes
b. No
c. Has applied for inclusion
d. Is likely to be made a member
Ans – a
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Bank can not discriminate among customers regarding payment of interest except for single deposits of ……
a. Rs 5 lac and above
b. Rs 10 lac and above
c. Rs 15 lac and above
d. Rs 25 lac and above
Ans – c
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Relationship between the Bank and the Customer is “Agent – Principal” in the following Transactions. (i) Collection of cheque & Standing instruction, (ii) Purchase/sale of securities on behalf of customer, (iii) Currency Chest on behalf of RBI
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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As per Section 269 T of Income Tax Act, the payment should be made through credit to account or issuing account payee cheque or DD, if the interest of term deposit is ……
a. Above Rs. 10,000
b. Rs. 10,000 or above
c. Above Rs. 20,000
d. Rs. 20,000 or above
Ans – b
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The officer holding charge of cash will check the whole of the bank Cash Balance by test check of different denominations and Register evidence of such check in the Cash Balance Book, atleast ……
a. once a week
b. once a week on different days
c. once a month
d. once a month on different days
Ans – b
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Claim owes by the Business are called ……
a. Liabilities
b. Assets
c. Expenses
d. Income
Ans – a
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Credit purchase of Furniture will be recorded in ……
a. Purchase Book
b. Sales Book
c. Journal Proper
d. Cash Book
Ans – c
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