A firm paid cartage of ?200 an account of transportation of newly purchased machinery to the cartage account. The error in the problem, would be called:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 10
After allotment of shares by a company when the allotment money is made due, it is debited to which of the following accounts:
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The closing stock given in the trial balance is transferred to which of the following accounts:
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Which of the following is not an example of change in accounting policy?
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JAIIB Accounting and Finance for Bankers Mock Tests Set 11
Patents right account is of the nature of
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The ______________ serves the purpose for both identification of customer and also the address proof of customer.
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Interpretation means
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JAIIB Accounting and Finance for Bankers Mock Tests Set 12
A trader purchases goods for ? 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were ? 500000. But the trader recorded in his books for ? 750000. Which of the following concept is violated.
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E-KYC service is launched by -
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If the machinery is sold for ?150000 at the end of 3rd year, what will be the profit or loss on sale of this machine?
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JAIIB Accounting and Finance for Bankers Mock Tests Set 13
Current Assets ?6,00,000, Current Liabilities ?1,20,000, Credit Sales ?12,00,000, Cash Sales ?2,60,000, Sales Returns ?20,000. Working Capital Turnover Ratio is ?
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ABC Ltd. purchased a building by paying ? 50,00,000 as on 1st April, 2000. On 1st April, 2007 it found that it would cost ? 1, 50, 00,000 to purchase the similar building. This value of ? 1,50,00,000 is known as:
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E-KYC is launched in order to -
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JAIIB Accounting and Finance for Bankers Mock Tests Set 14
Freight expenses for moving new machinery to factory is
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Historical cost concept requires the recording of an asset:
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Which of the following will not affect Trial Balance
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JAIIB Accounting and Finance for Bankers Mock Tests Set 15
Journal records the transactions of the firm in a:
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For an expense to be classified as revenue or capital depends on
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Cost of goods sold is
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JAIIB Accounting and Finance for Bankers Mock Tests Set 2
Bank overdraft account is a:
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Cost of replacement of defective parts of the machinery is
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Goods lost in transit is
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JAIIB Accounting and Finance for Bankers Mock Tests Set 3
Noting charges are
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Due to heavy flooding a truck carrying consignment goods sinks. This loss is called
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A clerical error committed while posting, totaling or balancing of an account is
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JAIIB Accounting and Finance for Bankers Mock Tests Set 4
Legal expenses incurred in connection with raising debenture loans is
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The overhauling expenses of machines is...
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Accounts in personal names indicative of trusteeship capacity of a/c holders
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JAIIB Accounting and Finance for Bankers Mock Tests Set 5
The statement given below is true/false? "While using E-KYC service of UIDAI, the individual user has to authorize the UIDAI, by explicit consent, to release his/her identity/address through biometric authentication to the bank branch."
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Expenditure incurred on issue of equity shares is
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Which of the following accounts is called valuation account or contra account (a) provision for depreciation account (b) provision for doubtful debts account (c) stock reserve account (d) reserves and surpluses account:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 13
At the end of the year, a ledger account has credit balance. The credit balance of the ledger is written as:
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When goods are sold on credit seller becomes a___ and buyer becomes a_____ .
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Accommodation Bill is drawn without any
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JAIIB Accounting and Finance for Bankers Mock Tests Set 14
A double columnar cash book has two columns on each side (which one is false
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A bill drawn and accepted for mutual help is called a
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Inability to pay the bills on due date. Inability to pay the bills on due date.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 15
When goods are sent on consignment debit is given to
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Which of the following parameters are generally considered to ensure that a loan proposal is technically feasible, economically viable and commercially acceptable? I) Experience, competence and profile of the promoters of the units. II) Technical feasibility of the proposed unit. III) Guarantees and collateral securities offered. IV) reference from a current customer
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The person who purchases goods on hire purchase basis is called _________
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JAIIB Accounting and Finance for Bankers Mock Tests Set 2
In a business firm, the chief cashier hands over some cash to the petty cashier who submits the account of petty cash after a fixed time interval. This system is called (which is most appropriate):
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When there is one debit and several credits equal the debit amount OR there is one credit and several debits to match the amount of credit, this is called:
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Depreciation is recorded in Debit side of profit and loss account. Depreciation is recorded in______ side of profit and loss account. Depreciation is recorded in Debit side of profit and loss account. Depreciation is recorded in Debit side of profit and loss account.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 3
Under _______ method of depreciation, the securities are sold and the proceeds are used for replacement of the asset.
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(a) when goods are purchased, the 'purchases account' is used (b) when goods are sold, the 'sales account' is used (c) when goods are returned by the customers of the firm, the 'returns outward' is used (d) when the goods are returned by the firm to its suppliers, the 'purchases returns' is used. Which is correct:
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________ is the value of an established business over the above the value represented by its tangible assets. It is also the value attached to the super profit earning capacity of business arising from its wide connections, reputation and long standing in the business.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 4
________of a partner means that a partner breaks off his relations with all other partners and withdraws himself from the firm
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Which of the following is not correct in connection with a bond:
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The stock valuation model that determines the current stock price as the next dividend divided by the (discount rate less the dividend growth rate) is called the
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JAIIB Accounting and Finance for Bankers Mock Tests Set 5
A stock's next expected dividend divided by the current stock price is the :
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A purchased a car for ?5,00,000, making a down payment of ? 1,00,000 and signing a ? 4,00,000 bill payable due in 60 days. As a result of this transaction
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In the books of D Ltd. the machinery account shows a debit balance of ? 60,000 as on April 1, 2009. The machinery was sold on September 30, 2010 for ? 30,000. The company charges depreciation @ 20% p.a. on diminishing balance method. Profit / Loss on sale of the machinery will be _________
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JAIIB Accounting and Finance for Bankers Mock Tests Set 6
The net present value (NPV) rule can be best stated as :
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If a firm receives advance against purchase of goods from a customer, it does not take this to income or sale, due to which of the following concept:
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Which one is not based on passage of time?
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JAIIB Accounting and Finance for Bankers Mock Tests Set 1
Depreciation expense in the declining balance method is calculated by the depreciation rate:
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A truck cost ? 1,05,000 with a residual value of ? 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?
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The depreciation method in which the depreciation is calculated on the principle that the asset loses an equal amount of value every year:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 10
Which of the following event/transaction shall not be recorded in the accounting books of a company:
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Amit Ltd. purchased a machine on 1.5.2018 for ? 1,20,000. Installation expenses were ? 10,000. On 01.07.2018, expenses for repairs were incurred to the extent of ? 2,000. Depreciation is provided under straight line method. Depreciation rate is 10%. Annual Depreciation will be ________
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Maximum timeframe for collection of cheque drawn on state capitals/major cities/other locations are _________ days respectively.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 12
What is a Nominal Account ?
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When the accounting standards are not followed by a business (a) the auditors qualify their audit reports (b) if auditors d do not qualify their audit reports they are guilty of professional misconduct (c) the management is held responsible.
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What is the fundamental rule of debit and credit with regard to Assets or Real accounts?
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JAIIB Accounting and Finance for Bankers Mock Tests Set 13
How do profits made from normal operations retained in business appear in the balance sheet?
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The accounting equation-"Assets=capital+ liability" is due to application of which of the following accounting concept:
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Should a company accept a project that has an IRR of 14% and an NPV of $2.8 million if the cost of capital is 12%?
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JAIIB Accounting and Finance for Bankers Mock Tests Set 14
A no. of notes are appended to the balance sheet by companies which include information such as contingent liabilities, market value of investments etc. This is due to compliance of which of the following accounting concepts:
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Which of the following statements least accurately describes the IRR and NPV methods?
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The principal of conservatism in accounting concepts stands for:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 15
Capital ? 40,000 + Liabilities ? 15,000 = Assets ? _______
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Wages paid to Raju should be debited to
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A firm records the income and expenditure when it is actually received and incurred. The firm is following which of the following accounting system:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 2
_____account is debited because _______ come in.
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Complete the following accounting equation (assets ?110000-liabilities ?______ = capital ?80000:
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A person who owes us something is called a _______ and a person whom we owe something is called a __________Creditor.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 3
Which of the following statements is correct w.r.t Strong Rooms - I) The light of strong room should be on 24 Hours a day. II) The Strong Room or Safe must be under the double lock of the Cashier and the Supervising Official in charge of cash III) Both officials must be present when the Strong Room/Safe is opened. IV) All receptacles in the Strong Room used for storing Cash and Small Coin balances must also be under the double lock of the Cashier and the Supervising Official
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Nominal accounts are transferred to __________ at the end of the year.
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Which of the following are not properly matched in terms of classification of accounts:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 4
Balances of real accounts and personal accounts are _________to the next period
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Which of the following is INCORRECT w.r.t Cash Balance of the Bank. I) The bulk of the Cash Balance should always be in the Strong Room/Safe under joint custody II) Cashier's Hand Balance left with the Head Cashier/Cashier during the day for the day's transactions will be kept as low as conveniently possible. III) The Reserve Cash Register must always remain in the Manager's Cabin under locker. IV) The amount recorded in the Cash Balance Book must be checked and signed by the Head Cashier/Cashier and the Supervising Official.
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Which of the features of the journal and ledger given as under is not correct:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 5
Which of the following statements are true about Ratio Analysis? (i) Ratio analysis is useful in financial analysis, (ii) Ratio analysis is helpful in communication and coordination, (iii) Ratio Analysis is not helpful in identifying weak spots of the business
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Burr Company had the following account balances at March 31, 2018: Cash in banks ?22,50,000 Cash on hand 1,25,000 Cash legally restricted for additions to plant(expected to be disbursed in Sept 2018) 16,00,000 Cash in banks includes ?6,00,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Burr. In the current assets section of Burr's March 31,2018 balance sheet, total cash should be reported at
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With respect to new norms, each bank will have to offer a uniform interest rate on savings bank deposits up to _________, irrespective of the amount in the account within this limit.
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JAIIB Accounting and Finance for Bankers Mock Tests Set 6
The inventory valuation is subjective because it depends on the Accounting policies followed by the accountant. The inventory valuation is subjective because it depends on the followed by the accountant
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Which of the following statement is true w.r.t operational aspect of Fixed Deposits? I) Minimum period as per RBI is 7 days. Maximum period is 10 years II) The interest is normally paid on quarterly basis III) Depositor can request for addition or deletion of names in the deposit IV) In case of death of depositor, interest for overdue period will be paid at saving rate if depositor died after maturity date.
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The journal entries are posted in the ledger:
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JAIIB Accounting and Finance for Bankers Mock Tests Set 1
Which of the following are advantages of CBS in banking? I) Anytime and Anywhere banking II) Increase in quality of the service provided to the customers III) Strong audit and internal controls IV) Bring down the cost of transaction and thereby improving operational efficiency
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The cost formulae recommended by Accounting Standard 2 for valuation of inventories are -
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