Which of the following is a not correct statement? 1 bill of exchange is a negotiable instrument 2 drawee is the person, who is to obtain the payment as per order of the drawer 3 payee is the person, who is make the payment as per order of the drawer 4 drawer is the person, who is to make the payment

Internal Audit which is generally undertaken by bank's own staff and to some extent by the firms of Chartered Accountants is aimed at what?

The cost centres may be classified into three categories. 1) Productive Cost Centres, 2) Unproductive Cost Centres 3) _____ Centres

The Maximum Permissible Bank Finance Method of working capital calculation is used where the amount of working capital limit from the banking system is above Rs.____?

Which of the following statements are correct regarding noting of a bill of exchange? 1 Noting is required only if the bill is dishonoured. 2 the holder can get such fact noted on the bill, by a notary public. 3 The advantage of noting is that the evidence of dishonour comes into existence. 4 The noting is done by recording the fact of dishonour, date of dishonour, reason etc.

Given below are some statements on Goods and Services Tax (GST). Which of these are correct? 1 The introduction of GST was a significant step in indirect tax reforms in India. 2 A large number of Central and State taxes have been amalgamated into a single tax. 3 GST encourages a shift from the formal to informal economy. 4 GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services.

Which of the following can be included in the term 'vouchers' in case of banking transactions? 1 Drafts issued by other banks on the branch, in terms of an approved arrangement between the two banks. 2 Dividend/interest warrants issued by the bank's customers and payable by the branch in terms of an approved arrangement. 3 Drafts/pay orders issued by the branch itself which are cancelled at the request of the customer and amount is refunded to him. 4 Letters of authority signed by the customers, containing standing instructions.

Read the following statements related to features of Process Costing. Which of these are correctly stated? 1 The production process is standard and continuous and the products are homogeneous 2 Output of one process becomes finished product. 3 The cost accumulated in each process consists of both direct and indirect(overhead) costs 4 The cost of normal wastage is included in the cost of the process and allocated to the total units produced

Capital of the firm is Rs.40000, reserves and surplus Rs.4000 and creditors Rs.10000. On the assets side, the cash is Rs.34000, machinery 2000, goods 8000 and debtors 10000. The firm makes payment of Rs.1000 as rent and Rs.1000 as salaries in cash. As a result of this transaction: (find out which one not stated correctly)

Which of the following expenses are recorded as part of profit and loss account (1) office and administrative expenses (2) financial expenses (3) distribution expenses (4) selling expenses

Audit conducted by qualified professionals (Chartered Accountants/Cost Accountants/consultants) periodically, to check inventory and book debts statements submitted by large borrowers to the bank, is called?

A bilateral contract in which the risk seller (lending bank) pays a premium to the buyer for protection against credit default or any other specified credit event resulting in loss in the value of an underlying debt instrument, is known as?

Read the statements below regarding difference between cost accounting and management accounting. Mark these as True or False? 1 The scope of cost accounting is much wider compared to that of the management accountancy 2 Management accounting relates more to the impact and effect aspects of costs. 3 Cost accounting is about short-term planning and management accounting is for short-range and long-range planning. 4 Management accounting makes use of additional tools and techniques, compared to those available for cost accounting.

Firm-B has rented a part of its building to Firm-Z. Firm –B has received one month rent in advance. What adjustment entry shall be required:

A firm consumes total raw material of Rs.240 lakhs in one year. Average holding period for raw material is 2 months. What is value of raw material generally held in store by this firm?

The market players who set their eyes on making quick money by taking advantage of the frequent price movements are called?

A firm incurred legal expenses in connection with (a) filing of suit to recover the dues of the firm (b) raising a public issue (c) defending a suit by the firm. Which of these is capital expenditure?

XYZ had total refined oil production during the month of April of 2000 ton. The unrefined oil used in the production was 2060 ton, which include normal loss of 40 tons and 20 tons abnormal loss. If the total cost during the month, including the cost of unrefined oil used was Rs.20 crore, what is value of abnormal loss, assuming that no scrap is generated?

Every bank normally maintains a current account and other accounts with RBI to facilitate transactions relating to which of the following? 1 Inter-bank borrowing and lending 2 Repo and Reverse Repo, 3 clearing/RTGS, 4 currency chest transactions

“Audi is an instrument of financial control. It acts as a safeguard on behalf of the proprietor against extravagance, carelessness or fraud on the part of the proprietor's agents or servants in the realization and utilisation of the money or other assets and it ensures on the proprietor's behalf that the accounts maintained truly represent facts and that the expenditure has been incurred with due regularity and propriety. This definition of audit is available as per which book and who has issued it?