Questions

Qatar to withdraw from OPEC as of Jan 2019. OPEC, The Organization of the Petroleum Exporting Countries is an intergovernmental organisation of 14 nations, founded in 1960 in Baghdad, Iraq.

Its members are Qatar, Saudi Arabia, Iran, Iraq, Indonesia, Venezuela, Nigeria, Libya, United Arab Emirates, Algeria, Kuwait, Ecuador, Angola, Gabon.

The current Chairman of Rajya Sabha is Vice President M. Venkaiah Naidu.

A Bank Reconciliation Statement is a statement prepared periodically by a customer to explain the divergence (difference) between the bank balance as per cash book and the bank balance as per Pass Book. It clearly shows the two differing balances and the outstanding items which causes the balances to disagree.

The objective of preparing such a statement is to know the causes of differences between the two balances and pass necessary correcting or adjusting entries in the books of the firm. But it is to be noted that some differences are automatically adjusted. For example - A cheque that has been sent for collection, but not yet collected, causes a difference between the balance as shown by the pass book and the balance as shown by the cash book, but no adjusting entry is required in the cash book for such a difference because, the bank will credit the firm’s account as soon as the cheque is collected.

The first municipal corporation was set up in India in the year 1687 at Madras, preceding the Bombay and Delhi municipal corporations.