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Bankers Question-Answers
1) Which of the following may not be part of the Bank reconciliation process.
a) Interest on overdraft
b) Dishonour of cheque
c) Cash drawn from bank
d) Cheque deposited but not collected
7) Machinery worth (WDV) 1000/- sold for 1200/- is entered in sales register. The rectification is
a) Credit sales 1200/-, debit machinery 1000/- and debit P&L a/c 200/-.
b) Debit sales 1200/- , credit machinery 1000/- and credit P&L a/c 200/-.
c) Credit machinery 1200/-, debit sales 1000/- and debit P&L a/c 200/-.
d) Debit machinery 1200/-, credit sales 1000/- and credit P&L a/c 200/-.
8) Sales return of amount Rs.1000 from Vijay was wrongly entered in purchase book.
The rectification is
a) Debit sales to the extent of Rs.2000.
b) Credit purchases to the extent of Rs.2000
c) Credit Vijay Rs.2000, debit sales and purchases to the extent Rs.1000, each.
d) Debit sales return by Rs.1000 and credit purchases by Rs.1000
22) As per accounting standards which of the following is not a preferred method
a) LIFO
b) FIFO
c) WACM
d) All of them
23) In the books of ‘A’, Bills receivable a/c is debited and B’s a/c is credited, then
a) Bill accepted by ‘A’
b) Bill accepted by ‘ B’
c) Bill retired by ‘B’
d) None of the above
24) In the books of B , Bills payable a/c is debited and bank account is credited
a) Bill accepted by ‘B’
b) Bill retired by ‘B’
c) Bill dishonoured by ‘B’
d) Bill sent by ‘A’ for payment
28) Due to heavy flooding a truck carrying consignment goods sinks. This loss is called
a) contingent loss
b) Nominal loss
c) Abnormal loss
d) Casual loss
29) Which of the following is true for leasing and hire purchase
a) Lessor and vendor can claim depreciation.
b) Lessor and hirer can claim depreciation.
c) Lessee and hirer can claim depreciation.
d) Lessee and vendor can claim depreciation.
30) In sum of digits method for 5 years which of the following is the 1st year’s allocation ratio.
a) 1/15
b) 2/15
c) 3/15
d) 4/15
e) 5/15
35) Income for the year = I, Outstanding Income for previous year = Id,
Outstanding Income of current year = Idi, then Receipts for the year is
a) I – Idi + Id
b) I + Idi – Id
c) I + Idi + Id
d) None of the above.
36) Opening balance of asset = Oi, Closing balance of asset = Oc, Depn. = D,
Then addition to the asset during the year is
a) Oc – D – Oi
b) Oi + D – Oc
c) Oc + D – Oi
d) Oi – D – Oc
38) For a Non- Trading Organization, a P & L A/c called an Income & Expenditure A/c because.
(a) They often make losses.
(b) They are forbidden by statute to make profits
(c) By object of their association they are non profit making bodies.
(d) Their income & expenditure statement are a combination of capital & revenue receipts.
39) Which of the following is not true
(a) Depreciation is an expense charged to the P & L a/c.
(b) Depreciation is not a part of the operating costs.
(c) Assets that are depreciated are tangible assets.
(d) Depreciation is like an insurance expense.
40) Under written down value method of Depn., the W D V of the asset is always
a) equal to zero
b) < zero
c) > zero
41) What is the Rate of Interest if Rs.2000/- when invested on Simple Interest becomes Rs.4000/-
in 8 years……
a) 13.25 %
b) 13.50 %
c) 12.5 %
d) 12.75 %
42) Rs.2000/- when invested on Simple Interest becomes Rs.4000/- in 8 years, in how many
years it will become Rs.8000/-…...
a) 12
b) 16
c) 20
d) 24
43) What is the Present Value of Rs.7500/- to be received after 4 years, if the current investment rate
is 7.5% pa……
a) 5616
b) 5576
c) 5689
d) 5715
47)A, B and C are three partner sharing profits in the ratio of 3:1:1. C retires and his share is
purchased by B. the new profit sharing ratio shall be-----
a) 3:1
b) 7:3
c) 3:2
d) None of the above
47) There is overdraft of Rs.17000/- as per cash book of the trader, he deposited a cheque of
Rs.7000/- in the bank which is not yet credited to the trader’s account. What is the balance as per
bank pass book……
a) Rs.10000/-
b) Rs.17000/-
c) Rs.24000/-
d) None of these
48) A, B & C share profits in 3:2:1. If B retires and his share is taken by A & C in ratio 2:1, what is
their new profit sharing ratio…….
a) 4 : 5
b) 5 : 7
c) 13 : 5
d) 5 : 13
49) RBI has put minimum ‘Capital to Risk-Weighted Assets Ratio’ (CRAR) for New Private Sector
Banks at………
a) 8%
b) 9%
c) 15%
d) Not Applicable to Pvt) Sector Banks
50) Which of the following maxim is applied in the case of Indirect Quotation……….
a) Buy Low Sell High
b) Buy High Sell Low
c) Buy Low Sell Low
d) Buy High Sell High
ANS- 1-C 2-C 3-C 4-A 5-A 6-A 7-B 8-D 9-A 10-A
11-B 12-C 13-C 14-C 15-B 16- 17-D 18-B 19-A 20-C
21-A 22-A 23-B 24-B 25-C 26-C 27-A 28-C 29-B 30-E
31-B 32-A 33-D 34-C 35-A 36-C 37- 38-C 39-B 40-C
41-C 42-B 43-D 44-C 45-A 46-A 47-B 48-C 49-C 50-B