Accounting and Finance Important Questions Module C

Income for the year = I, Outstanding Income for previous year = Id, Outstanding Income of current year = Idi, then Receipts for the year is

a.) I – Idi + Id
b.) I + Idi – Id
c.) I + Idi + Id
d.) None of the above.
ANS: A
Description: I Idi + Id

Lease terminal adjustment account is a balance sheet account. Its treatment is in the following. Identify the correct one. ?

a.) if it is debit balance it is deducted from the W D V of the asset.
b.) If it is credit balance it is added to the W D V of the asset.
c.)If it is credit balance it is deducted from the W D V of the asset.
d.) None of the above.
ANS: C
Description: If it is credit balance it is deducted from the W D V of the asset.

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In comparing lease & hire purchase (H P) there are differences & similarities. Of the following which one is not true?

a.) In lease the user of the asset does not retain it, while in H P he does.
b.) In lease the user does not claim depreciation while he does in H P.
c.)Payment of rentals is on instalment basis in both.
d.) The users of assets in both lease & H P run the risk of obsolescence.
ANS: D
Description: The users of assets in both lease & H P run the risk of obsolescence.

Under written down value method of Depn., the W D V of the asset is always

a.) equal to zero
b.) < zero
c.)> zero
d.) None of the above
ANS: C
Description: > zero

In operating lease the period is

a.) Less than the useful life of the asset.
b.) Greater than the useful life of the asset.
c.)Equal to the useful life of the asset.
d.) None of the above
ANS: A
Description: Less than the useful life of the asset.

In sum of digits method for 5 years which of the following is ?the 1st?year?s allocation ratio.

a.) 1/15
b.) 2/15
c.)4/15
d.) 5/15
ANS: D
Description: 5/15

What is G A A P

a.) General American Accounting Practices.
b.) Greatly Accepted Accounting Practices.
c.)Generally Accepted Accounting Principles.
d.) Good American Accounting Practices.
ANS: C
Description: Generally Accepted Accounting Principles.

The break up of lease rentals into total finance income ,lease equalization and depreciation represents the principle of

a.) Equity
b.) Consistency
c.) Conservatism
d.) Materialism
ANS: A
Description: Equity

Bills payable a/c dr. to bank ?

a.) Bill accepted by B
b.) Bill retired by B
c.) Bill dishonoured by B
d.) Bill sent by A for payment
ANS: B
Description:

Which of the following is true

a.) An insolvent is a person from whom some portion of the debt is recoverable
b.) Drawer drags the drawee to court in case of dishonour of accommodation bill
c.) A bill drawn for mutual help is an accommodation bill
d.) Drawee is a person to whom bill is endorsed
ANS: C
Description: A bill drawn for mutual help is an accommodation bill

Accounting & Finance for Banking

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Accounting and Finance for Banking Module A Pdf

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