QuestionI

D QuestionText Option1 Option2 Option3 Option4 Right Option

Acceptances & endorsements are shown under? Schedule 5 Schedule 12 Schedule 8 Schedule 9 Option2
1
Operating
Depreciation on bank property is shown under ? Non operating expenses Extra-ordinary loss other liabilities Option2
2 expenses
Non performing Net performing Non programing
NPA stands for ? Non privilege asset Option2
3 asset assets asset
Banks are to recognize their income on what basis
cash Accrual credit recurring Option2
in respect of income on performing asset.?
4
From the following information as 31st March
2017.Calculate rebate on bill discounted: •Due
39600 40041 41000 42000 Option1
date = 5th June ; •Amt = Rs 1825000 ; •Discount
5 rate = 12%
A term loan will be treated as NPA if it remains
90 days 180 days 240days 360days Option1
6 overdue for a period more than ?
How Much % of provision required on standard
40% 0.40% 60% 100% Option2
7 assets is ?
How Much % of provision required on
15% 12% 10% 5% Option1
8 sub–standard asset on secured portion is ?
Transfer to Statutory Reserve ;Proposed dividend
P&L A/C
;Balance carried over to Balance Sheet are shown schedule 15 balance sheet schedule 12 Option4
appropriation
9 under in bank accounts?
other liabilities & contingent
Liability for partly paid investment is ? current liabilities other assets Option3
10 provisions liabilities
Banking companies in India are governed by ? Banking Regulation Act RBI IRDA SEBI Option1
11

The banking regulation Act is passed in the year ? 1950 1949 1948 1947 Option2
12
13 Which Account Businessmen open in Bank? Saving A/c Current assets Current A/c fixed deposit A/c Option3
How many months treasury bills are usually
3 5 6 2 Option1
14 issued?
15 Interest on deposits is an ? income expense loss profit Option2
Bills payable in banking company should be shown
other liabilities current liabilities loans Borrowings Option1
16 under ?
How Much % of provision on doubtful assets upto
25% 30% 5% 40% Option1
17 1 year is ?
18 How much % of provision on loss asset is ? 30% 50% 75% 100% Option4
 Calculate rebate on bill discounted: •Date of bill:
11th Jan ; •Due date = 15th June ; •Amt = Rs Rs 3020 Rs 2050 Rs2998 Rs 3585 Option3
19 80000 ; •Discount rate = 18%
20 Schedule 8 in Bank accounts ? Deposits Other assets Investments Advaces Option3
Profit and loss
Revenue A/c of Life Revenue A/c of Balance sheet of
Form B - RA in Insurance Company is account of General Option2
Insurance general Insurance Life Insurance
21 Insurance
Premium Received in advance is disclosed under
Provisions current liabilities Fixed Assets Current assets Option2
22 the head?
Outstanding Premium in Insurance Company Final
Other Assets Advances Provisions current liabilities Option1
23 Accounts are shown Under?
Application Money for investment in Insurance
Other Assets Advances Current Liabilities Provisions Option2
24 Company Final Accounts ?
Commission On Re insurance accepted is added to
Commission Claim Interest Advances Option1
25 ?
Commission
Claim on re insurance accepted is added to ? Claim incurred Premium Earned Premium Paid Option1
26 Received
When more than one policy is taken to cover the
re-insurance Double insurance Marine insurance Fire Insurance Option2
27 same risk it is called ?

Marine insurance Life And Fire

The Insured is not allowed to make any Profit is Life Insurance Fire Insurance Option3
and Life insurance Insurance
28
The policy which insures the subject matter for
Routine Policy Voyage Policy Freight Policy Floating Policy Option2
29 specific voyage is called ?
In Case of Fire Insurance the provision for
100% 50% 20% 25% Option2
30 unexpired risk as per rule ?
In Which schedule Surveyors fees are shown in
Commission Claim Premium Operating Expenses Option2
31 Insurance Company
In Case of Marine Insurance the provision for
80% 100% 50% 60% Option2
32 unexpired risk as per rule ?
Re insurance obligations are disclosed in Insurance Contingent
Current Liabilities Fixed Liabilities Fixed Assets Option3
33 Company Final Accounts under ? Liability
Derivatives Instrument are disclosed in Insurance
Share Capital Investments Current Liabilities Provisions Option2
34 Company Final Accounts under ?
Reserve for unearned premium in Insurance
Provisions Fixed Assets Current Liabilities Share Capital Option3
35 Company Final Accounts is shown Under ?
Deposits held on reinsurance ceded is shown
Provisions Fixed Assets Current Liabilities Loans Option3
36 under?
Re-insurance claim receivable in Insurance
Provisions Other Assets Current Liabilities Advances Option2
37 Company Final Accounts is shown Under?
 Dividend distribution tax is disclosed in Insurance Miscellaneous
Provisions Fixed Liabilities Current Liabilities Option2
38 Company Final Accounts under ? Expenditure
Premium for direct
Premium on reinsurance ceded is deducted from ? Interest Commission Discount Option1
39 Business
The Policy in which the liability of the insurer is Comprehensive
Specific Policy Valued Policy Floating Policy Option1
40 limited is? Policy
Sinking Fund appear under which head in the Long Term Other Long Term
Share Capital Reserves & Surplus Option2
41 Balance Sheet of a Limited Company? Borrowings Liabilities
is independent of
Supplements the P/L provides basis for Cash and Cash
Cash flow statement provides information that financial Option1
A/C and balance sheet financial planning equivalents
42 statements
Conversion of Issue of shares for Purchase of
One of the following is considered as cash
debentures into equity Collection of calls purchase of machinery by issue Option2
transaction
shares machinery of debentures
43
Lack of
Delay in
Rule based accounting standards Self interest professional Confidentiality Option4
judgement
44 management
If the company fails to comply with CSR obligations
Rs.20,000 Rs.30,000 Rs.50,000 Rs.75,000 Option4
45 the penalty is not less than
46 The term “Ethics” comes from Greek word French word German word Latin Word Option1
Loss of market Loss of human
The purpose of code of ethics are Risk mitigation Confidence Option3
47 capitalization capital
Study of what a person actually believes is Description ethics Evaluative ethics Behavioural ethics Moral ethics Option1
48
Preference Shares as on 31/3/2021 Rs 5,00,000
and as on 31/3/2020 Rs 4,00,000 cash flow from Rs 1,00,000 Rs 9,00,000 Rs 4,00,000 Rs 5,00,000 Option1
49 financing activities will be

From the following transaction find out the

Purchase of Fixed Asset : Opening Balance Rs
Rs 4,00,000 Rs 3,60,000 Rs 2,60,000 Rs 2,40,000 Option2
50,000 ; Closing Balance Rs 1,00,000 ; Sale of Fixed
Asset Rs 2,50,000 ; Depreciation Rs 60,000
50

Decrease in Goodwill will be ? added to net profit less from net profit add to gross profit less from net profit Option1
51
52 AS-3 was revised in which year? 1981 1997 1998 1982 Option2
53 ASB is constituted in? 2014 2015 1977 2002 Option3
If purchase of Government securities was made
Cash outflow from Cash inflow from Cash outflow from Cash inflow from
for Rs. 2,75,000 which of the following is Option3
Financing activity Operating activity Investing activity investing activity
54 applicable?
 The price that would be received to sell an asset or
Market Value Fair Value Fresh Value Exchange Value Option2
55 paid to transfer a liability is ?
An entity that presents its first IFRS financial Fourth time
Second time adopter First time adopter Third time adopter Option2
56 statements is called as ? adopter
In case of what an expense is recognised
goods Cash free services Option4
57 immediately?

Opening Gross Closing Gross Closing Gross Block

Opening Gross Block +
Net Block Closing = Block -Opening Block less Closing Add Closing Option3
Closing Depreciation
Depreciation Depreciation Depreciation
58
debited to credited to
Debited to tax paid A/c not entered in the provision for tax provision for tax
When the assessed tax is less than provision made? Option3
and credited to P & L A/c books of Accounts and credited to p and debited to p &
59 & L A/c L A/c
Salary Shown under which schedule in Company Employees Cost of material
Finance Cost Other Expenses Option3
60 Final Accounts Benefit Expenses Consumed
Dispute Tax demand shown under which schedule Other Current Contingent
Current Assets Trade Payables Option4
61 in Company Final Accounts liabilities Liabilities
Short term Loans and Long term Loans Short term Long term
Prepaid Insurance shown Under Final Accounts Option1
62 Advances and advances Borrowings Borrowings
Gross Block Gross Block
Gross Block Closing
Gross Block Closing = Closing = Opening Closing = Opening
In the Notes To Accounts Fixed Assets of the = Opening Gross
Opening WDV + Gross Block+ WDV + Purchases - Option4
Company Block + Purchases -
Purchases - sales Purchases - sales - sales -
sales
63
Depreciation Depreciation
Profit and Loss
Interim Dividend paid is Less from General Reserve Share Capital Borrowings Option3
64 Account
Stores & Spares appears under the which heading
Tangible Assets Intangible Assets Inventories Trade Receivables Option3
in the Balance Sheet of a Limited Company
65
Shares Forfeited Account appears under the which
Long Term Long Term
heading in the Balance Sheet of a Limited Share Capital Reserves & Surplus Option1
Borrowings Provisions
66 Company.
Patents appears under the which heading in the
Tangible Assets Intangible Assets Inventories Trade Receivables Option2
67 Balance Sheet of a Limited Company.

From the following details find out cash flow from

Investing Activities. Purchase of Investment =
200000 260000 100000 1100000 Option3
Rs.50000, Sale of Machinery = Rs.150000,
Purchase of Machinery Against Shares = Rs. 60000
68
 From the following details find out cash flow from
Financing Activities. Issue of Equity Shares =
Rs.200000 at 10% Premium, Issue of Debentures = 20000 Nil 100000 420000 Option1
Rs.100000, Redemption of Preference Shares =
69
Rs.250000, Paid Interest on Debentures Rs.50000
Purchase of building Rs. 5,00,000, Sale of Land Rs.
8,00,000, New Bank loan Rs. 30,000. What will be Rs. 3,00,000 Rs. 2,00,000 Rs. 8,00,000 Rs. 5,00,000 Option1
70 the cash flow from Investing activities?

From the following find out Working Capital

changes. Increase in Debtors = Rs. 75000, Increase
-245000 355000 20000 245000 Option1
in Stock = Rs.225000, Increase in Creditors =
Rs.125000, Decrease in Bills Payable = Rs.70000
71
Cash and Cash
Proceeds from sale of patents is Operating activities Investing activities Financing activities Option2
72 equivalents
Not treated as cash
Cash sales is Operating activities Investing activities Financing activities Option1
73 flows
74 A banking company requires a licence from ? RBI Central Govt. SEBI State Govt. Option1
A banking company in Mumbai How much Capital
15 lakh 25 lakh 35 lakh 5 lakh Option1
75 required by them?

From the Following what is repayable on demand. Deposits Advances Demand Deposits shares Option3
76
Money at call and short notice can be withdrawn
24 hrs. 2 hrs. 42 hrs. 22 hrs. Option1
77 by how many hrs. notice.?
What amount of Percentage every banking
company must transfer from profit to Statutory 20% 25% 35% 40% Option2
78 Reserve ?
79 Present CRR is ? 6% 3% 4% 5% Option3
In which form Balance sheet & P& L A/C must be
1st schedule 2nd schedule 3rd schedule 5th schedule Option3
80 prepared ?
81 Balance sheet of a bank is prepared in form ? A B C D Option1
82 P & L A/C of a bank is prepared in form ? A B C D Option2
83 Balance sheet of a bank requires? 15 schedules 12 schedules 10 schedules 8 schedules Option2
84 P & L A/C of a bank requires? 5 schedules 6 schedules 9 schedules 4 schedules Option4
From the Following which is the first asset in the Cash & bank
Investments Advances other assets Option3
85 balance sheet of a Bank balance with RBI
Bank overdraft will be shown in the cash flow cash & cash
Operating activities Investing activities Financing activities Option4
86 statement as equivalents
 influence of
efficient cash success or failure
Which is not the benefits of cash flow statement? management tool for analysis Option2
management of cash planning
87 activities
cannot be
inter industry misleading inter not a substitute to
Which is not the limitations of cash flow analysis? equated with Option1
comparison firm comparison other statement
income statement
88

increase in human increases market increases trust

Unethical Behaviour results in ? loss of tax revenue Option2
capital capitalisation among stakeholder
89
misappropriation of
Principles of Ethical Behaviour does not include ? integrity objectivity Confidentiality Option1
90 asset
91 Misappropriation of asset may take place at any level at jr level at middle level at top level Option1
92 who developed a Code of Ethics? ICAI SEBI RBI IFAC Option4

clarity while penalties are strict

Following is the advantage of Principles Based business can develop
preparing the standardisation that avoid Option1
Accounts their own ethical rules
financial statement manipulations
93
who provides assurance about a sound internal
external auditor accountant top management internal auditor Option4
94 control system?
high level of
accept bribery in develop honesty
which is not benefits of ethics to students? competence and loyalty is developed Option2
all forms in dealings
95 knowledge
which is the first step in setting up Accounting
Area Identification Circulation Exposure Draft Draft approval Option1
96 Standard
Interest paid on debentures amounts to Rs. 20,000
and interest received on debentures is Rs. 50,000.
Rs. 20,000 Rs. 30,000 Rs. 50,000 Rs. 70,000 Option1
How much will be cash outflow from Financing
97 Activity?
Interest paid on debentures amounts to Rs. 20,000
and interest received on debentures is Rs. 50,000.
Rs. 20,000 Rs. 30,000 Rs. 50,000 Rs. 70,000 Option3
How much will be cash inflow from Investing
98 Activity?
Purchase of Furniture will be shown in the Cash Financing cash Cash or cash
Operating cash flow Investing cash flow Option2
99 Flow Statement as? flow equivalent
Cash purchase of raw materials will be shown in Financing cash Cash or cash
Operating cash flow Investing cash flow Option1
100 the Cash Flow Statement as ? flow equivalent
Office and Administration expenses paid will be Financing cash Cash or cash
Operating cash flow Investing cash flow Option1
101 shown in the Cash Flow Statement as ? flow equivalent
Marketable Securities will be shown in the Cash Financing cash Cash or cash
Operating cash flow Investing cash flow Option4
102 Flow Statement as ? flow equivalent
103 Borrowing cost is a which exemption. Business combinations Optional Mandatory Not exempted Option2
Share based
Joint arrangement is a which exemption. Deemed cost Optional Not exempted Option2
104 payment
International International International
Indian Accounting
IASB stands for ? Accounting Standards Accounting Accounting Option1
Standards Board
Board Statements Board Standards Batch
105
International International
International Indian Accounting
Accounting Analysis
IASC stands for ? Accounting Standards Standards Option2
Standards Standards
Capital Committee
106 Committee Committee
An amount used as a surrogate for cost or
Market Value Fair Value Deemed Costs Exchange Value Option3
107 depreciated cost at a given date is ?
The latest reporting period covered by an entity's First IFRS reporting Second IFRS Third IFRS Fourth IFRS
Option1
108 first IFRS financial statements is ? period reporting period reporting period reporting period
Share based Cash based
Government loan is which exemption ? Mandatory Voluntary Option1
109 payment payment
it obtains the
An entity shall recognise the goods or services
goods or as the
received or acquired in a share based payment he paid the price he paid the cost earns the revenue Option3
services are
transaction when ?
110 received.
Impairment of financial assets is a which Share based Cash based
Mandatory Voluntary Option1
111 exemption? payment payment
Share based Cash based
Borrowing cost is a which exemption. Mandatory Optional Option4
112 payment payment
nature and extent of
Disclosure as per Ind AS 102 Includes ? share based payment transaction payment cash Option1
113 arrangements
Institute Of Institute Of
Institute Of
Institute Of Chartered Certified Chartered
ICAI stands for ? Chartered Applied Option1
Accountants of India Accountants of Accountants of
of India
114 India Investment
Single set of
Single set of accounting Separate Country wise
Why is there a need for convergence of Indian accounting
standard all over the accounting standard Option1
GAAP with IFRS? principles country
world standards accounting
115 wise
complexity associated
Single set of Compliance
with needing to
Which of the following is a challenge related to accounting burden on the Availability of
understand various Option4
Convergence of Indian GAAP with IFRS ? standard all over companies will be skilled staff
reporting regimes
the world reduced
116 would be reduced
 Single set of
Which of the following is a benefit related to Amendments to Availability of accounting
Resistance to change Option4
Convergence of Indian GAAP with IFRS ? existing Indian laws skilled staff standard all over
117 the world
Consolidated Financial Share based Business Operating
IFRS 2 is? Option2
118 Statements Payment Combination Segments
Operating
IFRS 16 stands for ? Share based Payment Leases Joint Agreements Option2
119 Segments
Cost of goods or services received are measured at Fair value Intrinsic value Book value Market value Option1
120
121 Interest on current account is shown under ? schedule 15 schedule 14 schedule 13 schedule 16 Option1
122 Savings Bank deposits are disclosed under? Deposits Fixed assets Current liabilities other liabilities Option1
Balances with
Money at call and short notice is disclosed under ? Balance with RBI Reserves Current assets Option2
123 Banks
124 Term loans are disclosed under.? Investments Fixed assets Advances other assets Option3
125 Cash credits and overdrafts are shown in ? Schedule 5 Schedule 12 Schedule 8 Schedule 9 Option4
Non banking assets are shown under? Current assets Non-banking assets Other assets Fixed Assets Option3
126
127 Interest on loans & advances is an ? income expense loss profit Option1
Inter – branch transactions should be disclosed
Accounting policies Other assets Current liabilities Current assets Option2
128 under?
Commission, exchange and brokerage in banking
Schedule 13 schedule 14 Schedule 8 schedule 11 Option2
129 company is shown under ?
no profit is
An assets becomes non-performing when no income is received loss is incurred both a & b Option1
130 received
131 Discount on bills are shown under ? Schedule 13 Schedule 14 Schedule 9 other assets Option1
discount for the
concession on bills interest on bills commission on
Rebate on bills discounted refers to ? unexpired term of the Option1
discounted discounted bills discounted
132 bill
other liabilities & contingent
Rebate on bills discounted is shown under ? current liabilities Deposits Option1
133 provisions liabilities
Interest accrued
The heading 'other assets' does not include ? silver interest accrued gold Option4
134 but not due
Calculate provision for sub std assets - secured of
Rs 50 lakhs Rs 40 lakhs Rs 45 lakhs Rs 30 lakhs Option3
135 Rs 300 lakhs ?
How Much % of provision on unsecured portion
125% 100% 75% 25% Option2
136 of doubtful asset is ?
 The Balance Sheet of Alpha Banking Co. has
doubtful advances amounting Rs300 lakhs
(classified as outstanding for more than three Rs 75 lakhs Rs 30 lakhs Rs 300 lakhs Rs 50 lakhs Option3
years on 31-03-2019). The provision amount will
137 be ?
What will be the amount of provision to be shown
in Profit and loss Account of Dena Bank Ltd. in
Rs 220 lakhs Rs 300 lakhs Rs 100 lakhs Rs 400 lakhs Option4
respect of doubtful asset aging 1-3 years of Rs
138 1,000 lakhs?
Contingent
Unclaimed dividend is shown by bank under Deposits Advances Other Liabilities Option3
139 Liabilities
Provision for standard Asset in respect of advances
1% 15% 10% 40% Option1
140 to commercial Real Estate sector is ?
Provision for sub-standard asset in respect of of
15% 20% 25% 40% Option2
141 unsecured infrastructure loan A/c ?
142 Interest on advances is shown under ? Schedule 13 Schedule 14 Schedule 9 schedule 8 Option1
footnote under
Bills for collection is shown as ? Asset Liability Profit Option3
143 Balance sheet
The deposit made by bank with other banks and Money at Call and Short Money at Put and Money at Call and Money at Put and
Option1
withdrawable only after giving a notice is called ? Notice Short Notice Long Notice Long Notice
144

Any asset acquired

an item of office from debtors Money at Call and
A non banking asset is ? Fixed assets Option2
equipment insatisfaction of Short Notice
claims
145

Schedule 9 in Banking Final Account deals with ? Investments Advances Fixed Assets Reserve & Surplus Option2
146

From the following which is the transaction

Inter Operation Intra – Office Inter- Office International
between Head Office of the Bank and its Branches Option3
Adjustment Adjustment Adjustment Office Adjustment
may be unadjusted till the end of the Year
147

Date of Bill is 11.01.2014 & Amount is Rs.60,000

with term period of 3 Months at 16% discounting Rs 450 Rs 368 Rs 500 Rs 250 Option2
Rate then Rebate on Bill Discounting will be ?
148
The Policy in which insures the goods at different Comprehensive
Specific Policy Valued Policy Floating Policy Option3
149 places is ? Policy
Bad debts in Company Final Accounts under which Employee Benefit
Finance Cost Other Expenses Depreciation Option3
150 Schedule? Expenses