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Online Tests for Accounting-And-Finance-For-Bankers

Here is the given mock test for Accounting & Finance for bankers with important questions with answer prepared by senior officers there is 50 questions mock test after attend all the questions your result will be displayed.

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ques of 50 Last

Q - 1 .While preparing the final accounts of the company, the adjustments [(i) to (iv)] are to be made by passing necessary entries. One of the entries passed is wrong entry. Select the wrong entry.(i) Depreciate plant ,WDV of which is Rs.3,30,000 at 15% (ii) Write off Rs.5,000 from Preliminary Expenses (iii) Half years debenture interest due (12% debentures of Rs. 3,00,000) (iv) a claim of Rs. 25,000 for workmens compensation is disputed by the company.

Debit Depreciation on plant by Rs.49,500 credit plant by 49,500 AND Debit Profit & Loss Account by 49,500 and Credit Depreciation on plant by 49,500
Debit Profit and Loss Account by Rs.5,000 and Credit Preliminary Expenses
Debit Debenture Interest by Rs.18,000 & Outstanding Liability for Deb. Interest by 18,000 AND Debit Profit and Loss Account by Rs.18,000 and Credit Debenture Interest by Rs.18000
Debit Wages by Rs.25,000 & Credit Outstanding Liability for Workers compensation AND Debit Profit and Loss Account by Rs.25,000 and Credit Wages by Rs.25,000

Q - 2 .Select the incorrect statement in case of Share Capital and Reserves and Surplus as shown in the balance sheet.

Under share capital, the following order is maintained: Authorised capital, issued capital, subscribed capital
The called up amount per share is indicated and in the amount column total amount i.e. number of shares multiplied by amount called up per share is shown
The amount of unpaid calls is deducted from (b) above
The amount of forfeited shares account is shown under Reserves & surplus

Q - 3 .Select the True statement from the following

Interest on drawing is an income to the partnership firm
Joint Venture is a permanent partnership firm
Goodwill is a tangible asset of the firm
In the absence of partnership agreement , partners share profit and loss in proportion to the capital contributed by the partners.

Q - 4 .Which of the following is true for leasing and hire purchase

Lessor and vendor can claim depreciation.
Lessor and hirer can claim depreciation.
Lessee and hirer can claim depreciation.
Lessee and vendor can claim depreciation.

Q - 5 .What is the principal amount which earns Rs. 1320 as compound interest for the second year @ 10% p.a.?

Rs. 10,000
Rs. 12,000
Rs. 14,000
Rs. 16,000

Q - 6 .Money received in advance from shareholder before it is actually called up by the company is -----

Debited to Calls in arrears Account
Debited to Calls in Advance Account
Credited to Calls in Advance Account
Credited to Share Capital Account

Q - 7 .The average net profits expected are Rs.108000 per annum before charging remuneration of Rs. 18000 to partner . The capital employed in the business is Rs.6,00,000. The rate of return expected on capital employed of a firm is 10%. What is the value of goodwill on the basis of two years purchase of super profits.

Rs.108,000
Rs.60,000
Rs.78,000
None of the above

Q - 8 .Which of the following is most desirable 1000/- sold for 1200/- is entered in sales register. The rectification is

Pricing issue of goods to match current material costs
Overstating profits
Understating profits
none of the above

Q - 9 .Acceptances, endorsements and guarantees are shown as_______

other assets
contingent liabilities
advances
other liabilities and provisions

Q - 10 .A, B and C share profits as 3:2:1. C retires. Calculate the gain ratio of A and B

0.12638888888889
0.041666666666667
0.083333333333333
None of the above

Q - 11 .Select the incorrect statement in respect of financial Statements of Banks

a banking company is not required to prepare financial statements in accordance with Schedule VI of the Companies Act , 1956.
The Act prescribes special forms of balance sheet and profit and loss account for the preparation of its final accounts
These are set out in form A and form B of the first schedule to the Banking regulation Act, 1949
Form A gives format of a balance sheet and form B gives the format of a profit and loss account

Q - 12 .The financial statement of bank consists of ________ schedules

18 Schedules
16 Schedules
17 Schedules
Schedules

Q - 13 .One of the accounts is wrongly debited to Profit and Loss Appropriation A/c of a company. Name the wrong account debited

Interim dividend
Proposed dividend
Provision for tax
Capital redemption reserve

Q - 14 .The scheduled banks are required by RBI to transfer at least ______ of their disclosed profit after adjustment/provision towards bonus to staff

0.2
0.15
0.1
None of the above

Q - 15 .Machinery worth (WDV) 1000/- sold for 1200/- is entered in sales register. The rectification is

Credit sales 1200/-, debit machinery 1000/- and debit P&L a/c 200/-.
Debit sales 1200/- , credit machinery 1000/- and credit P&L a/c 200/-.
Credit machinery 1200/-, debit sales 1000/- and debit P&L a/c 200/-.
Debit machinery 1200/-, credit sales 1000/- and credit P&L a/c 200/-.

Q - 16 .A capital equipment costing Rs. 200,000 today has Rs. 50,000 salvage value at the end of 5 years. If the straight line depreciation method is used, what is the book value of the equipment at the end of 2 years?

Rs. 200,000
Rs. 170,000
Rs. 140,000
Rs. 50,000

Q - 17 .. Private Sector Companies can issue .......... bonds

Secured
Unsecured
. Any one of the above
None of these

Q - 18 .Depreciation on banks property is part of Operating Expenses. Some of the items included under this category are listed below. One of the expenses is wrongly included. Identify that item of expense.

depreciation on motor cars
depreciation on stationary and stamps
depreciation on furniture
depreciation on non-banking assets

Q - 19 .Sales return of amount Rs.1000 from Vijay was wrongly entered in purchase book. The rectification is

Debit sales to the extent of Rs.2000.
Credit purchases to the extent of Rs.2000
Credit Vijay Rs.2000, debit sales and purchases to the extent Rs.1000, each.
Debit sales return by Rs.1000 and credit purchases by Rs.1000

Q - 20 .The two portion of each pair relating to admission of a partner has got some relationship. However one of the pairs is mismatch and has no relationship. Select this pair from the following

Admission of a partner - gain ratio
Reserves & surplus - Old partners
Goodwill - new partner
Revaluation of assets & liabilities - Profit & Loss adjustment account

Q - 21 .The two portion of each pair relating to retirement of a partner has got some relationship. However one of the pair is mismatch and has no relationship. Select this pair from the following

Retirement - voluntary action
Gain - retiring partner
Share of goodwill - borne by continuing partners
Reserve & surplus - belong to all partners

Q - 22 .Annuity is defined as

Equal cash flows at equal intervals forever
Equal cash flows at equal intervals for a specified period
Unequal cash flows at equal intervals for specified period
Unequal cash flows at equal intervals forever

Q - 23 .In how many years will a sum of money double itself at 8% per annum compound Interest?

8 Years
8 Years 6 months.
9 Years
9 Years 6 months

Q - 24 .Identify a pair which is mismatch from the following pairs in respect of Company Accounts

Miscellaneous Expenditure Preliminary Expenses
Contingent Liabilities footnote to balance sheet
Debentures Unsecured Loans
Outstanding Expenses Current Liabilities

Q - 25 .Suspense a/c is not used in which of the following cases.

before trial balance.
after trial balance.
before final accounts.
none of the above.

Q - 26 .The two portion of each pair relating to partnership accounts has got some relationship. However one of the pairs is a mismatch and has no relationship. Select this pair from the following

Management of business - business may be run by one or some or all partner
Treatment of losses - insolvency of a partner
Loan from partners - No interest as partners are owners
Goodwill - super profit method

Q - 27 .A and B are two partners in a firm sharing profits and losses as 2:1. they admitted C as a partner with 25% share in the profits of the firm. Hence , the new profit sharing ratio , after admission of C would be _______

0.63553240740741
0.84039351851852
0.12570601851852
None of the above

Q - 28 .From the following ,find a sentence which is false in respect of partnership

If the partnership is following the Fixed Capital Account Method salary payable to a partner is credited to the partner s curr
Drawings made by partners are never entered in the Profit and Loss Appropriation Account.
In the Fluctuating Capital Account Method the balance in the capital account always remains the same
The capital account of a partner is required to be opened in both the Fixed Capital Account Method and Fluctuating Capital Account Method

Q - 29 .Which of the following are true

Nominal accounts always have credit balances.
Real accounts always have debit balances.
Debit balance in ledger account is credit balance in trial balance.
P&L a/c appears in trial balance.

Q - 30 .In the books of ABC Enterprises, a partnership firm, when Mr. C, a partner decided to resign from the firm, a revaluation of assets and liabilities was done and Revaluation account was prepared which showed the following position: At the credit side of Revaluation Account, Stock A/c Rs.25000, Premises A/c Rs.52000 and Creditors A/c Rs. 8000 were shown while at debit side of Revaluation Account Reserve for Doubtful Debts A/c. Rs.15000, As Capital A/c.Rs.20000, Bs Capital A/c. Rs.20,000 and Cs Capital A/c. Rs.20000 were shown. Accountant has interpreted the Revaluation Account as follows. One of the interpretations by him is incorrect. Select the incorrect sentence.

Stock is revalued upwardly by Rs. 25000
Creditors are revised upwardly by Rs.8000
Premises are revised upwardly by Rs.52000
A provision on debtors of Rs. 15,000 is made for doubtful debts

Q - 31 ... At a certain rate of simple interest, a sum doubles itself in 5 years. It will be four times of Itself in

10 Years
15 Years
20 Years
25 Years

Q - 32 .Investments, Advances, Fixed Assets and other Assets are part of Schedule Nos.--respectively

6,7,8,9
7,8,9,10
8,9,10,11
9,10,11,12

Q - 33 .Which of the following is true

Bank Reconciliation Statement(BRS) is an account.
BRS is prepared by the bank.
BRS shows causes of disagreement between cash book & passbook.
BRS shows only excess of cash book over passbook.

Q - 34 .When a currency is at premium in future or for a future value date, it is

Costlier
Cheaper
Equal
None of these

Q - 35 .Which of the following is true

Total lease rent = cost of asset - total finance income + residual value
Total finance income = total lease rent cost of asset + residual value
Total finance income = cost of asset total lease rent + residual value
Cost of the asset = total lease rent + residual value + total finance income

Q - 36 .One of the statements in respect of Profit & Loss Adjustment account is incorrect, rest are correct. Mark the incorrect sentence.

The account is credited with closing balance of profit and loss account of last year
The account is credited with current year s net profit
The account is debited with provision for taxes
The account is debited with provision for dividend

Q - 37 .Select the incorrect statement in respect of form of balance sheet of companies(Liabilities side).

sinking fund is shown under unsecured loans
Loans and Advances from banks are grouped under the head Secured Loans
Unclaimed Dividend is grouped under the head current liabilities
Proposed dividend is grouped under provisions.

Q - 38 .The exchange of currencies takes place on the date of the deal in

SPOT
TOM
Cash
Forward

Q - 39 .Mr.Ghatge commenced his business on 1st April, 2006 with Capital of Rs.1,00,000. He did good business during the year and earned handsome profit. At the end of 31st March, 2007, his financial position was: Fixed Assets Rs.1, 20,000 and bank balance of Rs.

Rs. 36000
Rs.70000
Rs.53000
None of the above

Q - 40 .Select the source which is not valid for issue of bonus shares

Share premium
Revaluation reserve created by revaluation of fixed assets
Capital reserve
Capital redemption reserve

Q - 41 .DT Ltd. issued shares of Rs.10 each at 10 % premium, payable on application Rs.2, on allotment Rs.3 (including premium), on first call Rs.2 and on final call Rs.4. One of the shareholders, applied for 100 shares but fail to pay allotment and first call money. At this stage, the said shares were forfeited. Select the account which was wrongly credited.

Credit Forfeited shares Account by Rs.200
Credit Share allotment Account by Rs.200
Credit share premium Account by Rs.100
Credit Share first call Account by Rs.200

Q - 42 .Freight expenses for moving new machinery to factory is

Revenue expenses
Deferred revenue expenditure
Capital expenditure
None of the above

Q - 43 .Which of the following will not affect Trial Balance

Goods sold on credit not recorded in books.
Overstating of sales register.
Rent account credited instead of debit.
Salary debited to the extent 1/2 the amount.

Q - 44 .L,K and P are partners. The following differences as listed at (i) to (iv) have arisen due to misunderstanding. The answer to each point is given at (a) to (d). One of the solutions is incorrect. Identify the wrong solution. (i) L used Rs.25,000 belonging to the firm and made a profit of Rs.4,000. K wants the amount to be given to the firm (ii) P used Rs.10,000 belonging to the firm and suffered a loss of Rs. 3000. He wants the firm to bear the loss (iii) L & K wishes to appoint S as new partner. P does not agree (iv) L has given loan of Rs. 50,000 to the firm, he wants interest at 6% ( there is no partnership deed)

K is right .L must pay Rs.29,000 to the firm
P is right . Firm should bear profit as well as losses.
P is right. No new partner can be admitted without the consent of all.
L is right. He is entitled for interest at 6% in the absence of partnership agreement.

Q - 45 .Select from the following a sentence which is wrong

If assets increase and liabilities do not , the capital will increase
If assets increase and liabilities also increase by same sum , the capital will remain same
A reduction in the amount of assets will amount to equivalent reduction in the net worth
An increase in the amount of liabilities with no corresponding increase in liabilities will increase the amount of capital

Q - 46 .As per accounting standards which of the following is not a preferred method

LIFO
FIFO
WACM
All of them

Q - 47 .In exchange of currencies deal, "cash" is also called as

TOM
Ready
Spot
Forward

Q - 48 .Select the incorrect statement in respect of form of balance sheet of companies ( Asset side).

Live Stock is grouped under the head current Asset
Balance of unutilized monies raised by issue is grouped under the head Investments
Interest paid out of capital during construction is grouped under the head Miscellaneous Expenditure
Vehicles are grouped under the head Fixed Asset

Q - 49 .From the account given below, select the account which is wrongly included in Profit & Loss Appropriation Account at the debit side

Drawings Account
Partners Salary Account
Interest on Loan Account
Commission to Partners Account

Q - 50 .Direct deposit by a customer in the bank

Shows a higher passbook balance than cash book.
Shows a lesser passbook balance than cash book.
Shows no difference.
None of the above.

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Online Tests for Accounting-And-Finance-For-Bankers

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