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 Accounting and Finance Questions

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Q:

The accounting process is correctly sequenced as

A) Identifying→recording→communicating B) Identifying→communicating→recording
C) Communicating→Recording→Identifying D) Recording→Communicating→Identifying
 
Answer & Explanation Answer: A) Identifying→recording→communicating

Explanation:
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0 2081
Q:

The interest-rate effect suggests that

A) an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending. B) a decrease in the supply of money will increase interest rates and reduce interest-sensitive consumption and investment spending
C) an increase in the price level will decrease the demand for money, reduce interest rates, and increase consumption and investment spending. D) an increase in the price level will increase the demand for money, reduce interest rates, and decrease consumption and investment spending.
 
Answer & Explanation Answer: A) an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending.

Explanation:
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0 2077
Q:

The credit balance in the bank account is

A) amount liable to pay by bank B) amount liable to pay by customer
C) Both A + B D) None of the above
 
Answer & Explanation Answer: A) amount liable to pay by bank

Explanation:

Bank credit balance meant that the banker is laible to paid us.

And if we have a credit balance accouding to bank statement is mean we have " cash at bank" and in our book we show in the assets side but bank show laiblities side.

 

Hence, The credit balance in the bank account is the amiunt we have in our account and we are eligible to withdraw that.

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0 2076
Q:

In recording an accounting transaction in a double-entry system

A) there must always be entries made on both sides of the accounting equation. B) the amount of the debits must equal the amount of the credits.
C) there must only be two accounts affected by any transaction. D) the number of debit accounts must equal the number of credit accounts.
 
Answer & Explanation Answer: B) the amount of the debits must equal the amount of the credits.

Explanation:
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0 2075
Q:

How do you calculate gratuity?

Answer

Gratuity is paid to all such employees after their resignation or retirement.Incase of resignation gratuity is paid to such employees who have completed 5 years of service.


Calculation of gratuity = Basic + DA x (15/26) x Total no. yrs service


15- Half month


26- Excluding 4 sundays

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Subject: Payroll Interview

1 2072
Q:

Devaluation of currency leads to

A) increase in domestic prices B) erratic fluctuations in domestic prices
C) fall in domestic prices D) no impact on domestic prices
 
Answer & Explanation Answer: A) increase in domestic prices

Explanation:
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1 2071
Q:

The balance of an account is determined by

A) Sum of credits and debits B) Difference of credits and debits
C) Product of credits and debits D) None of the above
 
Answer & Explanation Answer: B) Difference of credits and debits

Explanation:

The balance of an account is determined by the difference of credits amount and debits amount in the sheet.

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0 2058
Q:

Transfer payments are included in

A) Government subsidies B) GDP
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) Government subsidies

Explanation:

Transfer payments are included in GDP and not in GDP.

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1 2055