The endorser expresses that he/she would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called __________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement

The endorser expresses that he/she would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called __________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement
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 E. Sans recourse Endorsement Explanation: The endorser expresses that he would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called Sans recourse Endorsement.
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The indorser is excluded from his liability for dishonour of instrument towards his subsequent holder in case of A. Sans Recourse Endorsement B. Facultative Endorsement C. Sans Frais Endorsement D. None of the above.

Description : The indorser is excluded from his liability for dishonour of instrument towards his subsequent holder in case of A. Sans Recourse Endorsement B. Facultative Endorsement C. Sans Frais Endorsement D. None of the above.

Last Answer : B. Facultative Endorsement

Which of the following is an endorsement that restrict the further negotiation of the bill? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement

Description : Which of the following is an endorsement that restrict the further negotiation of the bill? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement

Last Answer : A. Restrictive Endorsement Explanation: An endorsement which restrict the further negotiation of the bill.

If the endorser signs, but does not give his/her name to whom he/she wishes to transfer the cheque is called _________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Description : If the endorser signs, but does not give his/her name to whom he/she wishes to transfer the cheque is called _________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Last Answer : E. Blank Endorsement Explanation: If the endorser signs, but does not give his name to whom he wishes to transfer the cheque is called Blank Endorsement.

When an endorsee give up some of his/her rights then it is called __________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Description : When an endorsee give up some of his/her rights then it is called __________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Last Answer : D. Facultative Endorsement Explanation: When notice of dishonour is received by the endorsee instead of endorser it is known as facultative endorsement.

If the endorsement makes the payment of a bill subject to the fulfilment of a condition the endorsement is called _______ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Both (A) and (B)

Description : If the endorsement makes the payment of a bill subject to the fulfilment of a condition the endorsement is called _______ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Both (A) and (B)

Last Answer : C. Conditional Endorsement Explanation: If the endorsement makes the payment of a bill subject to the fulfilment of a condition the endorsement is called Conditional Endorsement.

Which of the following endorsement specifies the name of the transferee for the payment of the bill? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Special Endorsement

Description : Which of the following endorsement specifies the name of the transferee for the payment of the bill? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Special Endorsement

Last Answer : E. Special Endorsement Explanation: An endorsement which specifies the name of the transferee for the payment of the bill is called special endorsement.

Which of the following endorsements is not valid? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Both (A) and (B)

Description : Which of the following endorsements is not valid? A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Both (A) and (B)

Last Answer : B. Partial Endorsement Explanation: If the bill purposes to be endorsed for a part of the amount payable, the endorsement is called partial. It is legally ineffective.

Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly authorized agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

Description : Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly ... agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

Last Answer : D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

A loan which is secured by collateral and for which borrower is not personally liable is called __________ A. Secured loan B. Syndicated loan C. Non-Recourse loan D. No Documentation loan

Description : A loan which is secured by collateral and for which borrower is not personally liable is called __________ A. Secured loan B. Syndicated loan C. Non-Recourse loan D. No Documentation loan

Last Answer : C. Non-Recourse loan Explanation: A non-recourse debt is a type of loan that is secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral ... any further compensation, even if the collateral does not cover the full value of the defaulted amount.

A cheque for a fixed amount that may be cashed or used in payment abroad after endorsement by the holder‟s signature is known as ___________ A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Crossed Cheque

Description : A cheque for a fixed amount that may be cashed or used in payment abroad after endorsement by the holder‟s signature is known as ___________ A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Crossed Cheque

Last Answer : A. Travellers cheque Explanation: Traveller‘s cheque is a medium of exchange that can be used in place of hard currency. Traveller‘s cheques are often used by individuals travelling on vacation to foreign countries.

What is Sans Frais endorsement?

Description : What is Sans Frais endorsement?

Last Answer : It is an endorsement where the endorser specifies that the endorsee or any subsequent holder need not incur any expense on the instrument on his account.

What is facultative Endorsement?

Description : What is facultative Endorsement?

Last Answer : In a facultative endorsement, the endorser waives some of his rights, like the right to receive notice of dishonor.

__________ is the process by which the ownership of the credit instrument is transferred from one person to another. A. Assignment B. Endorsement C. Negotiation D. All of the Above E. None of the Above

Description : __________ is the process by which the ownership of the credit instrument is transferred from one person to another. A. Assignment B. Endorsement C. Negotiation D. All of the Above E. None of the Above

Last Answer : C. Negotiation Explanation: In documentary credit, usually the beneficiary‘s bank which agrees to pay the beneficiary by purchasing a negotiable instrument (importer‘s or buyer‘s draft). Also called accrediting party.

Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his profit/loss percentage. If 25% of the total cost price (i.e., purchased price + expenses) is to be deducted on account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Description : Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his ... account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Last Answer : d)11 1/9% loss 

If a kid injures my daughter on the school playground, are his parents liable for any medical charges incurred?

Description : If a kid injures my daughter on the school playground, are his parents liable for any medical charges incurred?

Last Answer : answer:I agree that “time-out only” is bullshit. On the other hand…she really doesn’t need to see a doctor. I’d be at the school tomorrow talking to the principal. Save the pictures.

In a conditional proposition the part which expresses the condition by ‘if’ or its equivalent is A) Antecedent B) Consequent C) Opposite D) Meaning

Description : In a conditional proposition the part which expresses the condition by ‘if’ or its equivalent is A) Antecedent B) Consequent C) Opposite D) Meaning 

Last Answer : A) Antecedent 

While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred for acquiring the asset e.g. freight, insurance, etc.) a) Be added to the purchase price b) Be subtracted from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Description : While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred ... from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Last Answer : b) Be subtracted from the purchase price

The expenses incurred on the setting up of the enterprise are called as _________. A. Cost of financing. B. Cost of promotion.. C. Cost of fixed assets. D. Cost of current assets.

Description : The expenses incurred on the setting up of the enterprise are called as _________. A. Cost of financing. B. Cost of promotion.. C. Cost of fixed assets. D. Cost of current assets.

Last Answer : B. Cost of promotion..

Can you get a tax write-off for moving expenses incurred for moving to a new state because of a new job opportunity that you took?

Description : Can you get a tax write-off for moving expenses incurred for moving to a new state because of a new job opportunity that you took?

Last Answer : It’s a work expense so I wouldn’t see why not. Document everything and save all your receipts.

All actual expenses in cash and kind incurred in production by owner operator

Description : All actual expenses in cash and kind incurred in production by owner operator

Last Answer : Ans. Cost-A

A sales invoice is a source document that a. provides support for goods purchased for resale. b. provides evidence of incurred operating expenses. c. provides evidence of credit sales. d. serves only as a customer receipt.

Description : A sales invoice is a source document that a. provides support for goods purchased for resale. b. provides evidence of incurred operating expenses. c. provides evidence of credit sales. d. serves only as a customer receipt.

Last Answer : c. provides evidence of credit sales.

Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Last Answer : B. Wages paid for the erection of plant and machinery.

Which of the following is not deferred revenue expenditure? A. Heavy advertisement expenditure. B. Expenses incurred in removing the business to more convenient premises. C. Preliminary expenses. D. Depreciation on fixed assets.

Description : Which of the following is not deferred revenue expenditure? A. Heavy advertisement expenditure. B. Expenses incurred in removing the business to more convenient premises. C. Preliminary expenses. D. Depreciation on fixed assets.

Last Answer : D. Depreciation on fixed assets.

Cost of inventories includes A. Direct Material + Direct Expenses B. Direct Labour + Direct Expenses C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition D. Direct material only

Description : Cost of inventories includes A. Direct Material + Direct Expenses B. Direct Labour + Direct Expenses C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition D. Direct material only

Last Answer : C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition

With reference to a cheque which of the following is the „drawee bank‟ ? A. The bank that collects the cheque B. The payee‘s bank C. The endorser‘s bank D. The bank upon which the cheque is drawn

Description : With reference to a cheque which of the following is the „drawee bank‟ ? A. The bank that collects the cheque B. The payee‘s bank C. The endorser‘s bank D. The bank upon which the cheque is drawn

Last Answer : D. The bank upon which the cheque is drawn Explanation: Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. A typical example is if you are cashing a paycheck.

Exemplary damages are not awarded in such case (a) Breach of promise to marry (b) Wrongful dishonour & customers cheque by banker (c) Breach of any business contract (d) None of the above

Description : Exemplary damages are not awarded in such case (a) Breach of promise to marry (b) Wrongful dishonour & customers cheque by banker (c) Breach of any business contract (d) None of the above

Last Answer : (c) Breach of any business contract

RBI has eased norms in cheque dishonour cases of Rs ______ and above. A) 50 lakh B) 1 crore C) 1 lakh D) 10 crore E) 5 crore

Description : RBI has eased norms in cheque dishonour cases of Rs ______ and above. A) 50 lakh B) 1 crore C) 1 lakh D) 10 crore E) 5 crore

Last Answer : B) 1 crore Explanation: Relaxing chequebook norms, the Reserve Bank today left it to the lender s discretion on whether to issue fresh chequebooks or not in cases of dishonour of Rs 1 crore and ... valuing Rs 1 crore and above on four occasions during a financial year for want of sufficient funds.

he pressure drop per unit length of pipe incurred by a fluid 'X' flowing through pipe is Δp. If another fluid 'Y' having both the specific gravity & density just double of that of fluid 'X', flows through the same pipe at the same flow rate/average velocity, then the pressure drop in this case will be (A) Δp (B) 2Δp (C) Δp 2 (D) Δp/2

Description : he pressure drop per unit length of pipe incurred by a fluid 'X' flowing through pipe is Δp. If another fluid 'Y' having both the specific gravity & density just double of that of fluid 'X', flows through the same pipe ... then the pressure drop in this case will be (A) Δp (B) 2Δp (C) Δp 2 (D) Δp/2

Last Answer : (B) 2Δp

If a CPA recklessly abandons standards of due care and diligence while performing an audit, he or she may be held liable tounknown third parties for:a. Gross negligence.b. Fraudulent misconduct.c. Gross misconduct.d. Contributory negligence.

Description : If a CPA recklessly abandons standards of due care and diligence while performing an audit, he or she may be held liable to unknown third parties for: a. Gross negligence. b. Fraudulent misconduct. c. Gross misconduct. d. Contributory negligence.

Last Answer : Gross negligence

Complaint means allegation in writing made by a complainant that a) An unfair trade practice or restrictive trade practice has been adapted by any traders or service provider b) The goods bought by him or agreed to be bought by him suffer from one or more defect c) A traders or the service provider as the case may be has charged for the goods or for the services mentioned in the complaint a price in excess of the price d) All the above

Description : Complaint means allegation in writing made by a complainant that a) An unfair trade practice or restrictive trade practice has been adapted by any  traders or service provider b) The goods bought by him ... the services mentioned in the complaint a price in excess of the price d) All the above

Last Answer : d) All the above

_______ is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque. A. Crossed Cheque B. Open Cheque C. General Crossing D. Restrictive Crossing E. None of the Above

Description : _______ is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque. A. Crossed Cheque B. Open Cheque C. General Crossing D. Restrictive Crossing E. None of the Above

Last Answer : B. Open Cheque Explanation: An open cheque is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque.

Refactoring charges have to be paid in the case of _________ a. With recourse factoring b. Invoice factoring c. Full service factoring

Description : Refactoring charges have to be paid in the case of _________ a. With recourse factoring b. Invoice factoring c. Full service factoring

Last Answer : a. With recourse factoring

To whom of the following, payment of the amount due on a promissory note, bill of exchange or cheque must be made in order to discharge the maker or acceptor A. Holder of the instrument B. Indorser of the instrument C. Indorsee of the instrument D. None of the above.

Description : To whom of the following, payment of the amount due on a promissory note, bill of exchange or cheque must be made in order to discharge the maker or acceptor A. Holder of the instrument B. Indorser of the instrument C. Indorsee of the instrument D. None of the above.

Last Answer : A. Holder of the instrument

Can the holder of a negotiable instrument indorsed in blank convert the indorsement into an indorsement in full? A. No, such a conversion is not possible under the Negotiable Instruments Act, 1881 (Section 49) B. Yes, the holder can, without signing his own name, and by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank into an indorsement in full (Section 49) C. Yes, the holder can by signing his own name and by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank to an indorsement in full (Section 49) D. None of the above.

Description : Can the holder of a negotiable instrument indorsed in blank convert the indorsement into an indorsement in full? A. No, such a conversion is not possible under the Negotiable Instruments Act, 1881 (Section ... the indorsement in blank to an indorsement in full (Section 49) D. None of the above.

Last Answer : C. Yes, the holder can by signing his own name and by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank to an indorsement in full (Section 49)

The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof B. The payment by a bank on a negotiable instrument after due verification of the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above.

Description : The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the ... the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above

Last Answer : A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof

__________ is the most refined and restrictive service model. a) IaaS b) CaaS c) PaaS d) All of the mentioned

Description : __________ is the most refined and restrictive service model. a) IaaS b) CaaS c) PaaS d) All of the mentioned

Last Answer : PaaS

It is not necessary to record dishonour of cheques in the cash book.

Description : It is not necessary to record dishonour of cheques in the cash book.

Last Answer : State whether the following statement are True or False with reason : It is not necessary to record dishonour of cheques in the cash book.

What is a dishonour of cheque?

Description : What is a dishonour of cheque?

Last Answer : What is a dishonour of cheque?

A very large loan extended by a group of small banks to a single borrower is known as ______ A. Secured loan B. Syndicated loan C. Non-Recourse loan D. No Documentation loan

Description : A very large loan extended by a group of small banks to a single borrower is known as ______ A. Secured loan B. Syndicated loan C. Non-Recourse loan D. No Documentation loan

Last Answer : B. Syndicated loan Explanation: A syndicated loan is a loan offered by a group of lenders (called a syndicate) who work together to provide funds for a single borrower. The borrower could be a ... government). The loan may involve fixed amounts, a credit line, or a combination of the two.

Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : (3) Monopolistic Competition Explanation: Selling costs are the expenses on advertisement, salesmanship, free sampling, free service, door-todoor canvassing, and so on. There is no selling problem under ... . They are incurred to persuade a buyer to purchase one product in preference to another.

Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Description : Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Last Answer : B.Monopolistic competition

Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : Monopolistic Competition 

In case advance not drawn for LTC , the officials are liable to submit their claim within a. One month b. three month c. One year

Description : In case advance not drawn for LTC , the officials are liable to submit their claim within a. One month b. three month c. One year

Last Answer : b. three month

In case of contract of guarantee, what is the liability of the surety against the principal debtor (a) Primary (b) Secondary (c) No liability (d) Fully liable

Description : In case of contract of guarantee, what is the liability of the surety against the principal debtor (a) Primary (b) Secondary (c) No liability (d) Fully liable

Last Answer : (b) Secondary

Cost incurred towards __________ in a chemical plant is a component of the utilities cost. (A) Water supply (B) Running a control laboratory (C) Property protection (D) Medical services

Description : Cost incurred towards __________ in a chemical plant is a component of the utilities cost. (A) Water supply (B) Running a control laboratory (C) Property protection (D) Medical services

Last Answer : (A) Water supply

Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Description : Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Last Answer : B. Total costs

Which of the following exceptions in the WTO rules does not permit a country to use a tariff or quota that is more restrictive than its bound tariff? A. Anti-dumping B. Countervailing duties C. Safeguards D. Balance of payments protection E. Preferential trade agreements

Description : Which of the following exceptions in the WTO rules does not permit a country to use a tariff or quota that is more restrictive than its bound tariff? A. Anti-dumping B. Countervailing duties C. Safeguards D. Balance of payments protection E. Preferential trade agreements

Last Answer : E. Preferential trade agreements

When a glove manufacturer is allowed to sell only a certain number of plastic gloves in a particular country, the firm is facing A)a tariff. B)an embargo. C)a restrictive product standard. D)a quota. E)a balance of trade restriction.

Description : When a glove manufacturer is allowed to sell only a certain number of plastic gloves in a particular country, the firm is facing A)a tariff. B)an embargo. C)a restrictive product standard. D)a quota. E)a balance of trade restriction.

Last Answer : D)a quota.

Premature encashment of NSC (VIII) will be made a) In case of death of the holder or any of the holder in case of joint account b) On forfeiture by pledgee being Gazetted Government Officer. c) When ordered by a court of law d) Both A, B and C

Description : Premature encashment of NSC (VIII) will be made a) In case of death of the holder or any of the holder in case of joint account b) On forfeiture by pledgee being Gazetted Government Officer. c) When ordered by a court of law d) Both A, B and C

Last Answer : d) Both A, B and C