Description : Interest on bank overdraft is recorded on _________ side of Pass Book.
Last Answer : Interest on bank overdraft is recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both
Description : Bank charges charged by bank are recorded on _________ side of Pass Book.
Last Answer : Bank charges charged by bank are recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both
Description : Overdraft means _________ balance of Pass Book.
Last Answer : Overdraft means _________ balance of Pass Book. (a) opening (b) debit (c) credit (d) closing
Description : can non-account holders use the coin counters at Commerce Bank?
Last Answer : YES! I did it last year, and I had 20 dollars worth of pennies. It was great!
Description : Ruling on depositing money in Al-Baraka Islami Bank ? I manage a few accounts of a company. The company has accounts in several interest bearing banks. Note that account holders only open current accounts and ... income tax and duties or in other similar sectors ? Or can it be used in any sector ?
Last Answer : One: It is haraam to deposit money in an interest-bearing bank without the need to save money. For that, it should be limited to depositing money in (current bank's) current account. It is not permissible to ... It can be eaten. And if it can be kept in a better and cleaner bank then that is better.
Description : If transactions not made by the cardholder appear on the statement of account the card holder should dispute them with the card issuing Bank within how many days of the transaction date?
Last Answer : 30
Description : The target group for credit cards is _________ 1. All card Holders 2. All existing borrowers 3. Individuals, with taxable income 4. All of these 5. None of these
Last Answer : All of these
Description : All items of indirect income are shown on the credit side of the _________ Account.
Last Answer : All items of indirect income are shown on the credit side of the _________ Account. (a) Balance Sheet ... (c) Manufacturing (d) None of them
Description : Drawing account is closed by transferring the balance to the _________ account.
Last Answer : Drawing account is closed by transferring the balance to the _________ account. (a) Drawing (b) Liabilities (c) Assets (d) Capital
Description : When a certificate is unclaimed or remains undelivered at a H.O. or S.O. for any reason and all efforts to deliver the same to the holders have failed, the same will be sent by the _____ for ... HO, Postal account office b) SO, Postal account office c) HO, Circle stamp depot d) None of these
Last Answer : a) HO, Postal account office
Description : Every business organization needs a secretary having a knowledge of recording ___________ transactions.
Last Answer : Every business organization needs a secretary having a knowledge of recording ___________ transactions. (a) financial (b) private (c) illegal
Description : Cheque payment of Postage from the holders of Franking machine licenses can be accepted with bank guarantee. The above said statement is a. True b. False
Last Answer : b. False
Description : As per AS-14 purchase consideration is payable to _________________. (A) Shareholders (B) Creditors (C) Debenture holders (D) Bank
Last Answer : Shareholders
Description : Direct deposit by a customer will be recorded on __________ side of Pass Book.
Last Answer : Direct deposit by a customer will be recorded on __________ side of Pass Book. (a) debit (b) credit (c) left hand (d) any
Description : 1 Started business with cash ₹ 30,000. 2 Opened a current account with the bank and deposited ₹ 9,000.
Last Answer : Enter the following transaction in a cash book with cash and bank columns for the month of April 2019 : ... from the bank for office use ₹ 1,000.
Description : i. A company usually opens ________ account in a bank. (a) Current (b) Saving (c) Recurring
Last Answer : Select the correct answer from the options given below and rewrite the statement: i. A company usually ... ) Fixed (b) Current (c) Recurring
Description : NEFT is an electronic fund transfer system that operates on a _________ basis which settles transactions in batches. A. Domain Net Settlement (DNS) B. Defined Net Settlement (DNS) C. Declared Net Settlement (DNS) D. Deferred Net Settlement (DNS)
Last Answer : D. Deferred Net Settlement (DNS) Explanation: NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the ... till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT.
Description : _________ is used for merchant transactions under the Payment Card Industry Data Security Standard. a) ClearPoint PCI b) ClearSoln c) Rackserve PCI d) All of the mentioned
Last Answer : ClearPoint PCI
Description : Reporting currency is the currency used _________ (a) In recording the financial transactions (b) In presenting the financial statements
Last Answer : (b) In presenting the financial statements
Description : ________ is a temporary pass through account held by a third party during the process of a transaction between two parties. A. Savings Bank Account B. Current Account C. Deposit Account D. Escrow Account E. None of the Above
Last Answer : D. Escrow Account Explanation: Escrow Account: Account in which funds are accumulated for specific disbursements. It is a temporary pass through account held by a third party during the process of a transaction between two parties.
Description : _________ is an account maintained in foreign currency with an Authorised Dealer Bank. A. Exchange Earners Foreign Currency Account B. Exchange Eligible Foreign Currency Account C. Earners ... Account D. Earners Exchange Foreign Currency Account E. Equity Exchange Foreign Currency Account
Last Answer : A. Exchange Earners‟Foreign Currency Account Explanation: Exchange Earners‘ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Bank (Category – I Bank) in foreign exchange.
Description : Local currency account maintained by a local bank for a foreign (correspondent) bank is termed as _________ A. Nostro Account B. Vostro Account C. LORO Account D. Mirror Account E. None of the Above
Last Answer : B. Vostro Account Explanation: Local currency account maintained by a local bank for a foreign (correspondent) bank is termed as Vostro Account.
Description : Unified Payment System (UPI), a common platform which links your _________ to a virtual payment address, effectively making money transfer as easy as an SMS. A. Bank Account Number B. IFSC Code C. Virtual Address D. All of the Above E. None of the Above.
Last Answer : A. Bank Account Number Explanation: Unified Payment System (UPI), a common platform which links your bank account number to a virtual payment address, effectively making money transfer as easy as an SMS.
Description : _________ service helps user in knowing their Aadhaar Seeding status with their bank account. A. WAP B. QSAM C. NUUP D. Both (A) and (B) E. Both (B) and (C)
Last Answer : B. QSAM Explanation: QSAM (Query Service on Aadhaar Mapper) – This service helps user in knowing their Aadhaar Seeding status with their bank account
Description : Total of Sales book is ____________ to sales account.
Last Answer : Total of Sales book is ____________ to sales account. (a) entered (b) moved (c) posted (d) given
Description : When cheque is ________ into bank Cash Book is debited.
Last Answer : When cheque is ________ into bank Cash Book is debited. (a) written (b) issued (c) deposited (d) dishonoured
Description : Which one of the following transactions changes the current ratio ? (A) Purchase of goods for cash (B) Plant acquired on account (C) Sold goods on credit (D) Debentures converted into equity capital
Last Answer : Answer: Plant acquired on account
Description : The record of all economic transactions between the residents of a country and the rest of the world in a particular period is known as _______ A. Balance in Current Account B. Balance in Capital Account C. Trade Settlements D. Balance of Trade E. Balance of Payments
Last Answer : E. Balance of Payments Explanation: The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time.A record of all transactions made between one particular country and all other countries during a specific time period.
Description : In case of failed ATM transactions, if the amount is not credited to customer‟s account within 7 working days from the date of receipt of the complaint. Banks have to pay compensation at the rate of Rs.________ per day. A. 150 B. 200 C. 100 D. 10 E. 50
Last Answer : C. 100 Explanation: Reconciliation of failed transactions at ATMs – For any failure to re-credit the customer‘s account within 7 working days from the date of receipt of the complaint, the bank will pay compensation of Rs.100/-, per day, to the aggrieved customer.
Description : Under Liberalised Remittance Scheme, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to __________ A. USD 25,000 B. USD 20,000 C. USD 15,000 D. USD 10,000 E. None of the Above
Last Answer : A. USD 25,000 Explanation: PAN card need not be insisted upon for remittance made towards permissible current account transactions up to USD 25,000 per financial year.
Description : An account bag from the SO to HO contain a) The SO daily A/c, MO issue journal, MO paid list. b) List of SB transactions/List of SB documents c) Memo of IPO, Certificate, issued and discharged d) A rolls, daily list of PLI premia collected and paid e) All the above
Last Answer : e) All the above
Description : Which of the following statements is incorrect? a. In an audit, the independent auditor attempts to corroborate assertions made by the company's management in connection with each account, class ... assurance that material misstatements do not exist in any of the assertions made by management.
Last Answer : Because of the attest functionfinancial statements are the responsibility of the independent audito
Description : An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date ... controls or tests of transactions. d. The audit procedures selected will achieve specific audit objectives
Last Answer : The audit procedures selected will achieve specific audit objectives
Description : Inherent risk is defined as the susceptibility of an account balance or class of transactions to error that could be material assuming that there were no related internal controls. Of the following ... . d. The client has lost a major customer accounting for approximately 30% of annual revenue.
Last Answer : Internal control over shipping, billing, and recording of sales revenue is weak.
Description : An auditor should design a written audit program so that: a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized ... . d. Each account balance will be tested under either tests of controls or tests of transactions
Description : A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions
Last Answer : D. Capital account transactions
Last Answer : D. Capital account transaction
Description : Which of the following transactions is included in the current account balance of the Balance of payments statement? (a) Foreign direct investments. ; (b) Portfolio investments.; (c) External commercial borrowings. ; (d) Dividends earned on portfolio investments
Last Answer : (d) Dividends earned on portfolio investments
Description : What features do you use while doing bank transactions?
Last Answer : This question is not specific enough to answer. Are you talking about online banking? Are you talking about going to the bank and talking to a teller? Drive through? Are you asking which of these are preferred?
Description : (i) Bank issue __________ to current account holders as record or summary for bank transactions.
Last Answer : Complete the following statements: (i) Bank issue __________ to current account holders as record or ... is an unfavorable balance as per Pass Book.
Description : What is the charge of Inward transactions at destination bank branches in NEFT? A. Rs.1 B. Rs.1.50 C. Rs.2 D. No Charge
Last Answer : D. No Charge Explanation: Inward transactions – Free, no charge to be levied.
Description : The practice of lending money to unrelated individuals, or “peers”, without going through a traditional financial intermediary such as a bank or other traditional financial institution is called__________ A. B2B transactions B. C2C transactions C. P2P lending D. PPP Model E. P2P Investing
Last Answer : C. P2P lending Explanation: P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers.
Description : The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar ... . Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer
Last Answer : C. Online Payment Explanation: Services Offered by AEPS: Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Fund Transfer Gateway Authentication Services
Description : Which bank recently tied up with Chillr for cashless transactions? A) Federal Bank B) DCB Bank C) IDFC Bank D) Karnataka Bank E) IndusInd Bank
Last Answer : A) Federal Bank Explanation: Federal Bank announced its partnership with with Chillr, a mobile banking application, to provide cashless transactions. Chillr, India s first and only multi-bank ... making money transfer between bank accounts easier, faster and safer than sending a text message.
Description : Which of the following might be considered a "red flag" indicating possible fraud in a large manufacturing company with several subsidiaries? a. A consistent record of above average ... payrolls by each subsidiary d. Complex sales-transactions and transfers of funds between affiliated companies
Last Answer : Complex sales-transactions and transfers of funds between affiliated companies
Description : In Electronic cash payment a. a debit card payment system is used b. a customer buys several electronic coins which are digitally signed by coin issuing bank c. a credit card payment system is used d. RSA cryptography is used in the transactions
Last Answer : b. a customer buys several electronic coins which are digitally signed by coin issuing bank
Description : Receipts and Payments Account is an abbreviated form of– (A) Cash Book (B) Pass Book (C) Both Cash Book and Pass Book (D) None of the above
Last Answer : Answer: Cash Book
Description : Issue of duplicate pass book of senior citizen account on second time Rs ___ will be charged a) 10/- b) 20/- c) Second time free d) None of these
Last Answer : b) 20/
Description : Issue of duplicate pass book of Senior citizen account Rs____ will be charged a) 10/- b) 20/- c) No fee d) None of these
Last Answer : a) 10/
Description : In what manner the fee for issue of duplicate pass book of savings account is paid by the depositor? a) By cash b) By crediting to UCR c) Postage stamp equa
Last Answer : c) Postage stamp equal to the value of the fee to be affixed on the application