Accounting and Finance Questions

Q:

OMO refers to

Answer

Open Market Operations (OMO) refer to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system.

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Subject: Bank Interview Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Q:

What is Repo Rate and Reverse Repo Rate?

Answer

Repo Rate is the rate at which the commercial banks borrows money from the central bank of a country i.e, RBI in India.


 


Reverse Repo Rate is the rate at which the central bank of a country, in case of India it is RBI borrows money from the commercial banks in the country.

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Subject: Bank Interview Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

1 1510
Q:

How to define payroll?

Answer

Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc....

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Q:

Liabilities are defined as

Answer

The words "asset" and "liability" are two very common words in accounting. Liabilities are legally binding obligations that are payable to another person or entity. Accounts payable, loans, mortgages, deferred revenue,... come under liabilities.

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Subject: Accounts Payable Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Q:

The chart of accounts is designed to

A) alphabetized the accounts to make reading easier for its financial statement users B) summarize the transactions and determine their ending balances
C) meet the information needs of a company and other financial statement users D) analyse the accounts and organize them in order of dollar amount to simplify the accounting information for users
 
Answer & Explanation Answer: C) meet the information needs of a company and other financial statement users

Explanation:

The chart of accounts is designed to to meet the information needs of a company and other financial statement users.

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Filed Under: Accounts Payable
Exam Prep: CAT , Bank Exams
Job Role: Bank PO , Bank Clerk , Analyst

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Q:

Other things the same, when the interest rate rises 

A) people would want to lend less, making the supply of loanable funds decrease. B) people would want to lend less, making the quantity of loanable funds supplied decrease.
C) people would want to lend more, making the supply of loanable funds increase. D) people would want to lend more, making the quantity of loanable funds supplied increase.
 
Answer & Explanation Answer: D) people would want to lend more, making the quantity of loanable funds supplied increase.

Explanation:

Other things the same, when the interest rate rises people would want to lend more, making the quantity of loanable funds supplied increase.

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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Q:

Credit sales are recorded as

A) Accounts Receivable B) Accounts Payable
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) Accounts Receivable

Explanation:
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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

1 1484
Q:

Which of the following statements about market segmentation is true?

A) It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants. B) It is a process of creating an image or identity of the product in the minds of the target market.
C) It is a process of evaluating each segment's attractiveness and selecting one or more to enter. D) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
 
Answer & Explanation Answer: A) It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.

Explanation:
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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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