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 Accounting and Finance Questions

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Q:

Which of the following is not economic investment?

A) the piling up of inventories on a grocer's shelf B) the purchase of a drill press by the Ajax Manufacturing Company
C) construction of a suburban housing project D) the purchase of 100 shares of AT&T by a retired business executive
 
Answer & Explanation Answer: D) the purchase of 100 shares of AT&T by a retired business executive

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

1 1975
Q:

On a bank reconciliation, deposits in transit are

A) added to the book balance B) added to the bank balance
C) deducted from the book balance D) None of the above
 
Answer & Explanation Answer: B) added to the bank balance

Explanation:

A deposit in transit is cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its balance sheet, but does not appear on the bank statement until a later date.

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

0 1957
Q:

Accrual accounting is used because

A) it provides a better indication of ability to generate cash flows than the cash basis. B) it recognizes revenues when cash is received and expenses when cash is paid.
C) cash flows are considered less important. D) All of the above
 
Answer & Explanation Answer: A) it provides a better indication of ability to generate cash flows than the cash basis.

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

0 1955
Q:

In a general sense, "cash flow" can be said to equal

A) operating income less taxes B) operating income after taxes minus depreciation
C) operating income less taxes plus depreciation D) operating income before depreciation and taxes plus depreciation
 
Answer & Explanation Answer: B) operating income after taxes minus depreciation

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

1 1951
Q:

The shortcut key to quit from tally is

A) CTRL + Q B) CTRL + ESC
C) CTRL + T D) CTRL + P
 
Answer & Explanation Answer: A) CTRL + Q

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

1 1947
Q:

Which of the following terms is not used in banking sector?

A) Daily Product Basis B) Remittancel
C) Cash Reserve D) Actuary
 
Answer & Explanation Answer: D) Actuary

Explanation:

Actuary is the term which is not used in banking sector.

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

1 1945
Q:

Financial statements are prepared from which trial balance?

A) Unadjusted trial balance B) Adjusted trial balance
C) Post- closing trial balance D) None of the above
 
Answer & Explanation Answer: B) Adjusted trial balance

Explanation:

Financial statements can be prepared from the Adjusted trial balance. A trial balance is a report containing list of all the general ledger accounts i.e, debits and credits contained in the ledger of a business. The types of trial balance include : Unadjusted trial balance, Adjusted trial balance and the Post- closing trial balance.

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

3 1944
Q:

What does Earned Income Tax Credit (EITC) means ?

Answer

The United States Federal Earned Income Tax Credit (EITC) is a refundable tax credit, that helps low and medium - income individuals and couples, primarily for those who have qualifying children. 

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

5 1941