JAIIB-301-ACCONTING AND FINANCE FOR BANKERS - MODEL QUESTIONS - 1

ACCONTING AND FINANCE FOR BANKERS   ::   AFB MODEL TEST -1

:: TEST No:JIB-201-AFB-MTP-E100 :: No of Questions:  100   ::   Time Allowed : 80  Minutes
Directions: Please Tick Appropiate Option and Submit, Inform Serial Number of Questions where you need detailed Explanations to bhagirathprayash@gmail.com or Massage to 9462900411

Question 1:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... destroys computer data.
a. Software virus
b. Hardware virus
c. Computer virus
d. None of the above


Answer: c. Computer virus

Question 2:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The ...... form of Balance Sheet and Profit and Loss account of a banking company is prescribed in Forms A and B of schedule of the Banking Regulation Act, 1949.
a. First
b. Second
c. Third
d. Fourth


Answer: c. Third

Question 3:  SLBMG-JAIIB#9462900411--JIB-201-AF  

In the balance sheet, various items of assets are arranged according to ...... order.
a. Sales
b. Purchase
c. Stock
d. Liquidity


Answer: d. Liquidity

Question 4:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Partnership is a ...... between two or more persons.
a. Friendship
b. Relationship
c. Both a & b
d. None of the above


Answer: b. Relationship

Question 5:  SLBMG-JAIIB#9462900411--JIB-201-AF  

In the Partnership firms, liability of each partner is ......
a. Limited
b. Unlimited
c. Overhead
d. Maximum


Answer: a. Limited

Question 6:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A limited company is a/an ...... person.
a. Original
b. Duplicate
c. Artificial
d. None of the above


Answer: c. Artificial

Question 7:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A company has a perpetual ......
a. Profits
b. Losses
c. Succession
d. All the above


Answer: c. Succession

Question 8:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A truck cost 8,900 with a residual value of 500. it is estimated the useful life of the truck is 4 years. The amount of depreciation expense in year 2 by using the declining balance at twice the straight line rate is...
a. 2,225
b. 4,200
c. 4,450
d. 8,400


Answer: c. 4,450

Question 9:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum amounts to Rs. 2,916 in 2 years and to Rs. 3,149.28 in 3 years at Compound interest. The sum is......
a. Rs. 1,500
b. Rs. 2,000
c. Rs. 2,500
d. Rs. 3,000


Answer: c. Rs. 2,500

Question 10:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The ...... is affixed on all important documents and contracts of a company.
a. Registred seal
b. Common Seal
c. Govt. seal
d. All the above


Answer: b. Common Seal

Question 11:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Share of a limited company can be classified into ......
a. Equity
b. Preference
c. Equity and Preference
d. None of the above


Answer: c. Equity and Preference

Question 12:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... capital is the amount with which Company is formed.
a. Authorised
b. Subscribed
c. Both a & b
d. All the above


Answer: a. Authorised

Question 13:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Capital subscribed by the public is called ...... capital.
a. Authorised
b. Subscribed
c. Preference
d. Any of the above


Answer: b. Subscribed

Question 14:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Paid-up Capital means amount of capital actually paid by ......
a. Shareholders
b. Equity Shareholders
c. Preference Shareholders
d. All of the above


Answer: a. Shareholders

Question 15:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Final accounts of a limited company consist of ......
a. Balance Sheet
b. Profit and Loss account
c. Trading account
d. Both a and b


Answer: c. Trading account

Question 16:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... of the companies Act prescribes the form of balance sheet.
a. Schedule V
b. Schedule VI
c. Schedule VII
d. Schedule VIII


Answer: b. Schedule VI

Question 17:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Simple interest on a sum at 4% p.a. for two years is Rs.800. Find the total amount for the compound interest on the same principal, rate of interest and for the same period is......
a. Rs. 8160
b. Rs. 8610
c. Rs. 10816
d. Rs. 10861


Answer: c. Rs. 10816

Question 18:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A man invested Rs. 1552 in a stock at 97 to obtain an income of Rs. 128. The dividend from the stock is ...... %
a. 7.5
b. 8
c. 8.5
d. 9.7


Answer: b. 8

Question 19:  SLBMG-JAIIB#9462900411--JIB-201-AF  

......is the value of an established business over the above the value represented by its tangible assets.
a. Goodwill
b. Liblities
c. Losses
d. All of the above


Answer: a. Goodwill

Question 20:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The closing debit balance falls on the
a. Debit Side
b. Credit Side
c. Either Debit or Credit Side
d. None of these


Answer: a. Debit Side

Question 21:  SLBMG-JAIIB#9462900411--JIB-201-AF  

When a currency is at discount in future or for a future value date, it is
a. Costlier
b. Cheaper
c. Equal
d. None of these


Answer: b. Cheaper

Question 22:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What will the ratio of simple interest earned by certain amount at the same rate of interest for 4 years and that for 10 years.
a. 1:2
b. 2:1
c. 2:5
d. 2:3


Answer: c. 2:5

Question 23:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A man invested Rs. 50000 in a stock at 90 to obtain an income of Rs. 500. The dividend from the stock is ...... %
a. 8
b. 8.5
c. 9
d. 9.5


Answer: c. 9

Question 24:  SLBMG-JAIIB#9462900411--JIB-201-AF  

When overdraft as per cash book and a Cheque of Rs.1000 directly deposited in the bank, but not recorded in cash book ...
a. Add Rs.1000 in CB
b. Deduct Rs.1000 in CB
c. Add Rs.2000 in cash book
d. Deduct Rs.2000 in CB


Answer: b. Deduct Rs.1000 in CB

Question 25:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Under casting of the credit side of Cash Book has the same effect as over casting of the ...
a. Debit side of the pass book.
b. Credit side of the pass book.
c. There is no relevance between the two
d. None of the above


Answer: b. Credit side of the pass book.

Question 26:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Freight paid on a machine for bringing it to factory is......
a. Capital expenditure
b. Revenue expenditure
c. Deferred revenue expenditure
d. None of the above


Answer: a. Capital expenditure

Question 27:  SLBMG-JAIIB#9462900411--JIB-201-AF  

An asset cost Rs. 5,00,000/- has residual value of Rs. 50,000/-, and is expected to last 5 years. Calculate the total depreciation till 3rd year using Straight-line Method.
a. Rs. 90,000
b. Rs. 1,00,000
c. Rs. 2,70,000
d. Rs. 3,00,000


Answer: c. Rs. 2,70,000

Question 28:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... of a partner means that a partner breaks off his relations with all other partners and withdraws himself from the firm.
a. Admission
b. Submission
c. Permission
d. Retirement


Answer: d. Retirement

Question 29:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... means accounting performed by a computer.
a. Accounting
b. Computerised accounting
c. Manual accounting
d. None of the above


Answer: b. Computerised accounting

Question 30:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... is the value attached to the super profit earning capacity of business arising from its wide connections, reputation and long standing in the business.
a. Goodwill
b. Liabilities
c. Losses
d. All of the above


Answer: a. Goodwill

Question 31:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... of a partner means joining of a new person into an existing partnership as a partner.
a. Admission
b. Submission
c. Permission
d. Retirement


Answer: a. Admission

Question 32:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The set of instructions written by a programmer for a computer is called ......
a. Programme
b. software programme
c. Computer programmed - software programme
d. Hardware Programme


Answer: c. Computer programmed - software programme

Question 33:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Regular ...... of data is required to guard against loss of data.
a. back up
b. Function
c. Up dating
d. Control


Answer: a. back up

Question 34:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Merchant bank is one that normally doesn't deal in ......
a. International finance
b. Retail Products
c. Long-term loans for companies
d. Underwriting


Answer: b. Retail Products

Question 35:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Which of the following can't be taken as Proof of Identity?
a. Voter ID
b. Driving License
c. Ration Card
d. Aadhaar Card


Answer: c. Ration Card

Question 36:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Composite vouchers normally contain ......
a. Only Debit entries
b. Only Credit entries
c. Both Debit and Credit entries
d. Any of the above


Answer: c. Both Debit and Credit entries

Question 37:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Accounting for which of the following is normally not carried out at Head Offices?
a. Funds Management
b. Investments
c. CASA
d. Bills re-discounting


Answer: c. CASA

Question 38:  SLBMG-JAIIB#9462900411--JIB-201-AF  

FIU-Ind comes under the department of ......
a. Banking, Ministry of Finance
b. Commerce, Ministry of Finance
c. Revenue, Ministry of Finance
d. Intelligence, Ministry of Finance


Answer: c. Revenue, Ministry of Finance

Question 39:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What is the market value of a bond that will pay a total of fifty semiannual coupons of Rs. 80 each over the remainder of its life? Assume the bond has a Rs. 1,000 face value and a 12% yield to maturity.
a. Rs. 734.86
b. Rs. 942.26
c. Rs. 1,135.90
d. Rs. 1,315.24


Answer: a. Rs. 734.86

Question 40:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What would you pay for a share of ABC Corporation stock today if the next dividend will be Rs. 3 per share, your required return on equity investments is 15% and the stock is expected to be worth Rs. 90 one year from now?
a. Rs. 60.00
b. Rs. 68.12
c. Rs. 78.26
d. Rs. 80.87


Answer: c. Rs. 78.26

Question 41:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Capital = Rs. 65,000, Assets = Rs.80,000, then Liabilities = Rs......
a. Rs. 25,000
b. Rs. 35,000
c. Rs. 5,000
d. Rs. 15,000


Answer: d. Rs. 15,000

Question 42:  SLBMG-JAIIB#9462900411--JIB-201-AF  

An asset cost Rs. 16,00,000/- has residual value of Rs. 1,00,000/-, and is expected to last 5 years. Calculate the depreciation for 4th year using sum of the digits Method.
a. Rs. 100000
b. Rs. 200000
c. Rs. 300000
d. Rs. 400000


Answer: b. Rs. 200000

Question 43:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A truck cost Rs 1,05,000 with a residual value of Rs. 1,00,000. it has an estimated useful life of 5 years. If the truck was bought on July 9, what would be the book value at the end of year 1?
a. Rs. 1,00,000
b. Rs. 85,000
c. Rs. 80,000
d. Rs. 25,000


Answer: a. Rs. 1,00,000

Question 44:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum of Rs. 25,400 is lent out into two parts, one at 12% p.a. and the other at 12.5% p.a. If the total annual income from interest is Rs. 3116. the money lent at 12% is......
a. Rs. 10,000
b. Rs. 11,800
c. Rs. 12,400
d. Rs. 13,400


Answer: b. Rs. 11,800

Question 45:  SLBMG-JAIIB#9462900411--JIB-201-AF  

ABC Company just issued a bond with a Rs. 1,000 face value and a coupon rate of 8%. If the bond has a life of 20 years, pays annual coupons, and the yield to maturity is 7.5%, what will the bond sell for?
a. Rs. 951
b. Rs. 975
c. Rs. 1,020
d. Rs. 1,051


Answer: b. Rs. 975

Question 46:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Which of the following is not an example for debit voucher?
a. Cheques issued by the customers
b. Withdrawal forms
c. Letters of authority signed by the customers, containing standing instructions
d. Application for issue of DD, TD, RTGS/NEFT


Answer: d. Application for issue of DD, TD, RTGS/NEFT

Question 47:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Which activities should not be outsourced?
a. Management of investment portfolio
b. Internal Audit
c. Compliance Functions
d. All the above


Answer: d. All the above

Question 48:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Any excess in the Cash Balance must be credited to ...... account on the same day.
a. Suspense
b. Sundry Creditor
c. Sundry Debtor
d. Head Cashier


Answer: b. Sundry Creditor

Question 49:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Category-wise accounts for various types of transactions put through inter-branch accounts to be maintained wef ......
a. 01.01.1998
b. 01.04.1998
c. 01.01.1999
d. 01.04.1999


Answer: d. 01.04.1999

Question 50:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Which of the following is not an example for credit voucher?
a. Pay-in-Slips
b. Challans for deposits into Govt Accounts
c. Letters of authority signed by the customers, containing standing instructions
d. Application for issue of DD, TD, RTGS/NEFT


Answer: c. Letters of authority signed by the customers, containing standing instructions

Question 51:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Who is responsible for any shortage either in hand or Vault Balance?
a. Head Cashier
b. All Cashiers
c. Accountant
d. All of them


Answer: a. Head Cashier

Question 52:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Max permissible LTV ratio for Auto Loans upto Rs. 10 Lacs is ...... % of 'on road price' of the car.
a. 80
b. 85
c. 90
d. 95


Answer: b. 85

Question 53:  SLBMG-JAIIB#9462900411--JIB-201-AF  

EOD operations at CDC normally starts around ......
a. 8 PM
b. 9 PM
c. 10 PM
d. 11 PM


Answer: c. 10 PM

Question 54:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Max permissible LTV ratio for individual housing Loans upto 20 Lacs is ...... %
a. 80
b. 85
c. 90
d. 95


Answer: c. 90

Question 55:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Max permissible LTV ratio for Auto Loans above Rs. 10 Lacs is ...... % of 'on road price' of the car.
a. 80
b. 85
c. 90
d. 95


Answer: a. 80

Question 56:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Reposting of all the ATM transactions, which happened when the EOD process was running, is taken care by ......
a. BOD
b. SOD
c. EOD
d. All of the above


Answer: b. SOD

Question 57:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Role of the concurrent auditors / Internal auditors with KYC is to ......
a. Review of compliance of KYC guidelines
b. Effectiveness of the implementation of the KYC
c. Verification of newly opened accounts and their transactions
d. All of the above


Answer: d. All of the above

Question 58:  SLBMG-JAIIB#9462900411--JIB-201-AF  

One of the sources that is available to identify the correctness of the information given by the New Customer of the Commercial Bank is ......
a. Introduction given by the existing customer of the Bank
b. By studying the account opening form
c. By providing information by the agencies like CRISIL
d. None of the above


Answer: c. By providing information by the agencies like CRISIL

Question 59:  SLBMG-JAIIB#9462900411--JIB-201-AF  

If Rs. 7,500 are borrowed at compound interest at the rate of 4% p.a. then after 2 years the amount to be paid is ......
a. Rs. 8,082
b. Rs. 8,100
c. Rs. 8,112
d. Rs. 8,200


Answer: c. Rs. 8,112

Question 60:  SLBMG-JAIIB#9462900411--JIB-201-AF  

If compound interest for 2 Years at the rate of 4% of some money is Rs. 102, find the simple interest at the same rate for 2 years.
a. Rs. 100
b. Rs. 110
c. Rs. 120
d. Rs. 130


Answer: a. Rs. 100

Question 61:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What is the rate percent per annum if a sum doubles itself in 12 years at Compound rate of interest?
a. 5.4%
b. 5.5%
c. 5.8%
d. 5.9%


Answer: d. 5.9%

Question 62:  SLBMG-JAIIB#9462900411--JIB-201-AF  

If a sum of money trebles itself in 2 years at compound interest, then it will be 27 times of itself in ......
a. 5 years
b. 6 years
c. 12 years
d. 18 years


Answer: b. 6 years

Question 63:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The simple interest and compound interest of first year, are ……
a. equal
b. unequal
c. Can't say
d. None of the above


Answer: a. equal

Question 64:  SLBMG-JAIIB#9462900411--JIB-201-AF  

When compound interest is calculated half yearly, then the period becomes ......
a. half
b. double
c. one fourth
d. one tenth


Answer: b. double

Question 65:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The present worth of Rs. 7,020 due in two equal half-yearly instalments @ 8%p.a. simple interest is ......
a. Rs. 6,500
b. Rs. 6,625
c. Rs. 6,750
d. Rs. 7,000


Answer: b. Rs. 6,625

Question 66:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A person buys a watch for Rs. 1,950 in cash and sells it for Rs. 2,200 on credit of 1 year. If the rate of interest is 10% he ......
a. loses Rs.50
b. Loses Rs.30
c. Gains Rs.30
d. Gains Rs.50


Answer: d. Gains Rs.50

Question 67:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A has to pay Rs. 22,000 to B after 1 year. B asks A to pay Rs. 11,000 in cash Immediately and defer the payment of Rs. 11,000 for 2 years. A agrees to it. Counting the rate of interest at 10% p.a. in this new mode of payment ......
a. A gains Rs. 734
b. A loses Rs. 734
c. A gain Rs. 1,100
d. B gains Rs. 1,100.


Answer: a. A gains Rs. 734

Question 68:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Strict adherence to KYC norms is achieved through ......
a. Following the statutory authority guidelines
b. Identification of customers with appropriate documents
c. Strict Implementation of the Banks Systems and procedures while opening the accounts
d. All of the above


Answer: d. All of the above

Question 69:  SLBMG-JAIIB#9462900411--JIB-201-AF  

While accounts are transferred from one branch to another, the receiving branch is expected to comply with KYC Norms. Which one of the following is/are correct in this regard?
a. Detailed verification of Customer Profile as received from the earlier branch is to be done with caution and if required fresh details are to be obtained
b. Fresh details are to be obtained and a fresh customer profile is to be prepared
c. No transaction is to be permitted for the first six months till the customer is fully know to the bank
d. Detailed verification is not needed but the account is opened immediately and informed to the customer


Answer: a. Detailed verification of Customer Profile as received from the earlier branch is to be done with caution and if required fresh details are to be obtained

Question 70:  SLBMG-JAIIB#9462900411--JIB-201-AF  

While opening an account in the name of a company, the following document/s is/are to be obtained -
a. Memorandum and Articles of Association of the Company
b. Instructions of the Registrar of the Company
c. Roles and responsibilities of the Company
d. Organisation Chart of the company


Answer: a. Memorandum and Articles of Association of the Company

Question 71:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Max permissible LTV ratio for individual housing Loans Above 20 Lacs & upto 75 Lacs is ...... %
a. 75
b. 80
c. 85
d. 90


Answer: b. 80

Question 72:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The branches of commercial banks should report suspicious transactions to ......
a. RBI
b. Bank’s respective authority
c. Ministry of Finance
d. None of the above


Answer: b. Bank’s respective authority

Question 73:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Max permissible LTV ratio for individual housing Loans Above 75 Lacs is ...... %
a. 75
b. 80
c. 85
d. 90


Answer: a. 75

Question 74:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What annual rate of simple interest was paid if Rs. 10000 earned Rs. 1100 as interest in 2 Years and 9 months?
a. 2%
b. 3%
c. 4%
d. 5%


Answer: c. 4%

Question 75:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum of money at simple interest amounts to Rs. 2,800 in 2 years and to Rs. 3,250 in 5 years. Find the sum and the rate of interest.
a. Rs. 2,500; 5%
b. Rs. 2,500; 6%
c. Rs. 3,000; 5%
d. Rs. 3,000; 6%


Answer: b. Rs. 2,500; 6%

Question 76:  SLBMG-JAIIB#9462900411--JIB-201-AF  

An asset cost Rs. 3,30,000/- has residual value of Rs. 30,000/-, and is expected to last 4 years. Calculate the depreciation for 2nd year using sum of the digits Method.
a. Rs. 1,20,000/-
b. Rs. 90,000/-
c. Rs. 60,000/-
d. Rs. 30,000/-


Answer: b. Rs. 90,000/-

Question 77:  SLBMG-JAIIB#9462900411--JIB-201-AF  

If a sum of money doubles itself in 8 years at simple interest, the rate percent per annum is
A. 12
B. 12.5
C. 13
D. 13.5


Answer: B. 12.5

Question 78:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum of Rs 12,500 amounts to Rs. 15,500 in the 4 years at the rate of simple interest. Find the rate percent
A. 6 %
B. 7 %
C. 8 %
D. 9 %


Answer: A. 6 %

Question 79:  SLBMG-JAIIB#9462900411--JIB-201-AF  

What is the present worth of Rs. 132 due in 2 years at 5% simple interest per annum
A. 110
B. 120
C. 130
D. 140


Answer: B. 120

Question 80:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum of money doubles itself in 16 years at simple interest with yearly rate of...
a. 5.25 %
b. 6.25 %
c. 7.25 %
d. 8.25 %


Answer: b. 6.25 %

Question 81:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Cash discount is ……
a. The allowance to expedite cash receipts and payments within a specified period
b. It is a loss for the firm receiving the payment and again for the firm making the payment
c. Discount allowed is entered on debit side and discount earned on the credit side of cash book.
d. All the above


Answer: d. All the above

Question 82:  SLBMG-JAIIB#9462900411--JIB-201-AF  

For opening accounts in the case of Joint Hindu Undivided Family (JHUF), the following document/s is/are important -
a. Declaration of all guardians on behalf of minors
b. Declaration of all family members
c. Declaration of the Karta of the family
d. Declaration can be exempted as per Hindu Succession Act


Answer: c. Declaration of the Karta of the family

Question 83:  SLBMG-JAIIB#9462900411--JIB-201-AF  

A sum of Rs. 26,000 is lent out in two parts in such a way that the interest on one Part @ 10% for 5 years is equal to the on another part @ 9% for 6 years. The sum lent out at 10% is......
a. Rs. 10,500
b. Rs. 11,500
c. Rs. 12,500
d. Rs. 13,500


Answer: d. Rs. 13,500

Question 84:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The cost of a van is 3,25,000 with a residual value of Rs. 75,000. The van has an estimated useful life of 5 years. The amount of depreciation expense using sum-of-the-year's digit in year 5 is...
a. 16700
b. 33300
c. 50000
d. 83300


Answer: a. 16700

Question 85:  SLBMG-JAIIB#9462900411--JIB-201-AF  

While opening an account in case of partnership firm, one of the vital document to be produced by the firm is ......
a. Partnership Deed
b. Partners MOU
c. Signatures of the partners
d. Registration certificate of Partnership


Answer: a. Partnership Deed

Question 86:  SLBMG-JAIIB#9462900411--JIB-201-AF  

...... process is done for all the branches at one consolidated stretch.
a. EOD/BOD
b. EOD/SOD
c. SOD/BOD
d. All the above


Answer: b. EOD/SOD

Question 87:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Submission of details of PAN (Permanent Account Number) is compulsory for Fixed Deposits of ......
a. Rs.20,000/- & above
b. Rs.50,000/- & above
c. Rs.75,000/- & above
d. Rs.1,00,000/- & above


Answer: b. Rs.50,000/- & above

Question 88:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Find the simple interest on Rs 7000 at 50/3 % for 9 months
A. Rs. 1075
B. Rs. 975
C. Rs. 875
D. Rs. 775


Answer: C. Rs. 875

Question 89:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Find the simple interest on the Rs. 2000 at 25/4% per annum for the period from 4th Feb 2013 to 18th Apr-13
A. Rs 25
B. Rs 30
C. Rs 35
D. Rs 40


Answer: A. Rs 25

Question 90:  SLBMG-JAIIB#9462900411--JIB-201-AF  

An asset cost Rs. 3,30,000/- has residual value of Rs. 30,000/-, and is expected to last 4 years. Calculate the depreciation for 3rd year using sum of the digits Method.
a. Rs. 1,20,000/-
b. Rs. 60,000/-
c. Rs. 30,000/-
d. Rs. 15,000/-


Answer: b. Rs. 60,000/-

Question 91:  SLBMG-JAIIB#9462900411--JIB-201-AF  

An asset cost Rs. 3,30,000/- has residual value of Rs. 30,000/-, and is expected to last 4 years. Calculate the depreciation for 1st year using sum of the digits Method.
a. Rs. 1,20,000/-
b. Rs. 60,000/-
c. Rs. 30,000/-
d. Rs. 15,000/-


Answer: a. Rs. 1,20,000/-

Question 92:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Cash book is book of
a. Prime entry
b. Final entry
c. Both of the above
d. None of the above


Answer: c. Both of the above

Question 93:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The sale of business asset on credit is recorded in
a. Sales journal
b. General journal
c. Cash receipt in cash book
d. Nominal accounts


Answer: b. General journal

Question 94:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Overdraft as per Cash book means
a. Credit balance in the cash book
b. Credit balance in the bank column of the cash book
c. Neither of the two
d. Both of the two


Answer: a. Credit balance in the cash book

Question 95:  SLBMG-JAIIB#9462900411--JIB-201-AF  

If Rs. 50000 is lent at 10% interest, on which one the interest will be highest?
a. Yearly compounding
b. Half-Yearly compounding
c. Quarterly compounding
d. Monthly compounding


Answer: d. Monthly compounding

Question 96:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Entries for deposits of cheques into the bank are made by the customer in the debit side of cash book
a. Immediately
b. On their clearing
c. At the time of reconciliation
d. After 7 days


Answer: a. Immediately

Question 97:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Cash cannot be accepted for issue of DDs/TTs/Rupee TCs from the customers for Rs. ......
a. Rs.20,000/- & above
b. Rs.50,000/- & above
c. Rs.75,000/- & above
d. Rs.1,00,000/- & above


Answer: b. Rs.50,000/- & above

Question 98:  SLBMG-JAIIB#9462900411--JIB-201-AF  

The amount beyond which cash transactions (Receipts & Payments) are to be monitored by the Commercial Banks as stipulated by the RBI in its guidelines is -
a. Rs.5 lacs & above
b. Rs.8 lacs & above
c. Rs.10 lacs & above
d. No such limit


Answer: c. Rs.10 lacs & above

Question 99:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Which one of the following documents is not generated on EOD?
a. Audit Trail
b. Supplementary
c. Balance Sheet
d. Access log


Answer: c. Balance Sheet

Question 100:  SLBMG-JAIIB#9462900411--JIB-201-AF  

Wages Paid for the erection of machine debited to wages Ac is
a. Error of Principle
b. Error of Commission
c. Error of Omission
d. Error of Mathematics


Answer: a. Error of Principle

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