JAIIB-AFMB – Mock Test- 3
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1.
Accounting Standard AS-12 deals with the accounting for government grants received by an entity. These grants may be in which of the following forms? 1 subsidies, 2 cash incentives 3 duty drawbacks 4 custom duties
2.
The return on investment is calculated as:
3.
Company Z issued Bonds with face value of Rs.100 and coupon of 11% to mature in 7 years. The current market price of the bond is Rs.95. What is approximate yield to maturity for an investor in the secondary market, if remaining maturity is 5 years?
4.
Reserve Bank used to fix the buying and selling rates due to which the market would remain within the ceiling and the floor. This was prior to the introduction of which system?
5.
Which of the following statement does not match with regard to the type of account?
6.
When seller of goods or provider of services, is selling on credit, it recovers the payment by using some instrument in the form of a written document. It is known as?
7.
A debit entry to a nominal account means (a) some expense has been incurred (b) some income has been received (c) some loss has taken place (d) some gain has been made.
8.
Goods purchased from Ramesh for Rs.3000 were recorded in the sales book by debiting account of Ramesh. The rectification entry shall be:
9.
'Trial balance is a list or abstract of balances or of total debits and total credits of the accounts in a ledger to determine the equality of posted debits and credits and to establish a basic summary for financial statements'. This definition is given by whom?
10.
What is the formula for calculating the depreciation under Units of Production method?
11.
The pass book has been showing a balance of Rs.15000. A cheque issued by the firm for Rs.1000 has been debited by the bank to another account and a cheque of Rs.3000 deposited in the account has been dishonoured and bank has debited Rs.30 as returning charges. The balance as per cash book should be:
12.
The banks have been entering into agreements with third party vendors for management of their ATM operations. In this connection, which of the following statements are correct? 1 Vendors collect the cash from bank. 2 Vendors are responsible for loading the amount in the ATMs. 3 Vendors are responsible for collecting the amount deposited by customers from ATMs and depositing with the bank. 4 Reconciliation with these vendors periodically is normally done by branches of bank which monitors balance as per the books and balances as per ATM machines
13.
Which functions are carried by Factor, under factoring? 1) purchases the book debts/receivables of the client 2) control the credit given to the buyers 3) administer the sales ledger.
14.
On payment of collection instruments from other branches of the bank, a credit advice (which may be known by different names in different banks) or a copy of the collection schedule received from the other branch may itself be treated as a _____
15.
Which of the following are the situations under which a lease is normally classified as a finance lease? 1 The ownership of the asset is transferred to the lessee by the end of the lease term. 2 The lease term is for the major part of the economic life of the asset. 3 The leased asset is of such a specialised nature that it can be used only by the lessee. 4 The lessee has the right to continue the lease for a secondary period at a rent which is substantially lower than market rent.
16.
Accountancy involves which of the following? 1. General classification of business transactions 2. Recording of events and transactions in the books of account 3. Summarising of the recorded events 4. Interpreting the financial transactions from the recorded data and the financial statements.
17.
Which type of conflict of interest in the following can be considered as an Agency Problem in Financial Management?
18.
The machinery is recorded in the books of a firm at the price paid to the supplier + the expenses of bringing and installing the machinery. This is due to application of:
19.
Z is to receive Rs.10000, as interest on bonds by end of each year for 5 years at 5% rate of interest. Calculate the present value of the amount he is to receive?
20.
Fill in the blanks regarding different types of borrowers? 1. As per Companies (Miscellaneous) Rules, 2014, a partnership can have a maximum of 50 persons. 2. Registration of an LLP is done with _____ 3. Registration of a partnership firm is done with ____ 4. HUF is owned by the members of undivided Hindu family, called ____
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