Bank Exams Questions

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Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

Internal control is all of the policies and procedures management uses to achieve the following goals.

• Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

• Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

• Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

• Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

• Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

Hence, Internal controls are concerned with safeguarding assets.

ICICI Bank topped the list of banks that witnessed the most number of frauds during April-December period of 2016 with state-owned SBI taking the second spot, RBI data said.

Sanjay Kothari, Chairman of Public Enterprises Selection Board, has been appointed as Secretary to President-elect Ram Nath Kovind.

Here the given series 7  18  42  94  204 follows a pattern that, 

7

7 ×2+4 = 18

18 ×2+6 = 42

42 ×2+10 = 94

94 ×2+16 = 204

Similarly,

4

4 ×2+4 = 12

12 ×2+6 = 30

30 ×2+10 = 70

70 ×2+16 = 156

Hence, the value of P = 156.

A barometer is a tool that measures air pressure

A rising barometer indicates increasing air pressure, a falling barometer indicates decreasing air pressure.

In space, there is a nearly complete vacuum, so the air pressure is zero.

Demoiselles

These are rock pillars which stand as resistant rocks above soft rocks as a result of differential erosion of hard and soft rocks.

Zeugen

A table-shaped area of rock found in arid and semi-arid areas formed when more resistant rock is reduced at a slower rate than softer rocks around it.

A Dreikanter

It is a type of ventifact that typically forms in desert or periglacial environments due to the abrasive action of blowing sand.

A wind gap is a gap through which a waterway once flowed that is now dry as a result of stream capture.