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1) The apex institution which handles refinance for agriculture and rural
development is called:
a) RBI
b) SIDBI
c) NABARD
d) SEBI
Ans:- (c)
a) RBI inspectors
b) Internal inspectors
c) Statutory auditors
d) Concurrent auditors
Ans:- (c)
a) Dealing activities
b) Risk Management
c) Reconciliation
d) Confirmation of deals
Ans:- (b)
a) Call Money
b) Notice Money
c) Term Money
d) GOI dated securities
Ans:- (d)
Ans:- (d)
a) FIMMDA
b) AMFI
c) RBI
d) SEBI
Ans:- (d)
Ans:- (d)
a) Debtor/Creditor
b) Creditor/Debtor
c) Bailor/Bailee
d) Bailee/Bailor
Ans:- (a)
a) Customers Right
b) Customers Obligation
c) Bankers Right
d) Bankers Discretion
Ans:- (d)
10) Which of the following forms of business are permissible under BR Act:
a) Borrowing
b) Issuance of Letters of Credit
c) Buying and selling of bullion
d) All of the above
Ans:- (d)
Ans:- (d)
a) 3%
b) 4%
c) 5%
d) None
Ans:- (d)
13) Sec ---- of RBI Act,1934 gives sole power to RBI to issue currency notes
a) 10
b) 18
c) 22
d) 26
Ans:- (c)
Ans:- (d)
15) In a Garnishee Order, the banker on whom garnishee order served is:
Ans:- (d)
1. Choose the wrong pair from the following. The information given in the pair is
pertaining to banking companies
(d) Other Income - Profit on sale of investments less loss on sale of investments
2. The name of the accounts with the coverage of various items in building that
account is given below. One of the items covered in on of the accounts is wrong.
Select this account
(a) Closing balance of provisions held towards NPA - Opening Balance plus
provisions made during the year less write off of bad debts/write back of excess
provisions
(c) Reserves & surplus - Opening balance plus additions during the year less
deductions during the year
3. Identify a pair which is mismatch from the following pairs in respect of Company
Accounts
4. Identify a pair which is mismatch from the following pairs in respect of Company
Accounts
5. Companies are required to transfer certain percentage of their profit after tax to
reserves, to declare dividend. The various rates of transfer based on the rates of
dividend are given below in pair. Select the wrong pair.
(a) Rate of dividend exceeds 10% but not 12.50- Transfer to reserve @ Nil%
(b) Rate of dividend exceeds 12.50% but not 15%- Transfer to reserve @ 5%
(c) Rate of dividend exceeds 15% but not 20%- Transfer to reserve @ 7.50%
6. While preparing the final accounts of the company, the adjustments [(i) to (iv)]
are to be made by passing necessary entries. One of the entries passed is wrong
entry. Select the wrong entry.(i) Depreciate plant ,WDV of which is Rs.3,30,000 at
15% (ii) Write off Rs.5,000 from Preliminary Expenses (iii) Half years debenture
interest due (12% debentures of Rs. 3,00,000) (iv) a claim of Rs. 25,000 for
workmens compensation is disputed by the company.
(a) Debit Depreciation on plant by Rs.49,500 credit plant by 49,500 AND Debit
Profit & Loss Account by 49,500 and Credit Depreciation on plant by 49,500
(b) Debit Profit and Loss Account by Rs.5,000 and Credit Preliminary Expenses
(c) Debit Debenture Interest by Rs.18,000 & Outstanding Liability for Deb. Interest
by 18,000 AND Debit Profit and Loss Account by Rs.18,000 and Credit Debenture
Interest by Rs.18000
(d) Debit Wages by Rs.25,000 & Credit Outstanding Liability for Workers
compensation AND Debit Profit and Loss Account by Rs.25,000 and Credit Wages
by Rs.25,000
7. While preparing the final accounts of the company, the adjustments [(i) to (iv)]
are to be made by passing necessary entries. One of the entries passed is wrong
entry. Select the wrong entry.(i) Provide dividend 5% of paid up share capital
(Share capital of Rs. 5,00,000 consisting of shares of Rs. 10 each fully paid) (ii)
Insurance for unexpired period is Rs.2000 (iii) A provision of Rs. 25,000 is to be
made for income tax (iv) a provision of Rs. 5000 is to be made for doubtful debts
(c) Debit Profit & Loss Account by Rs.25,000 & Credit Provision for Tax by
Rs.25,000
(d) Debit Profit & Loss by Rs.5,000 & Credit Provision for doubtful debts by
Rs.5,000
8. In respect of asset side of the balance sheet one of the items is presented in a
proper order, rests are disorderly. Select the orderly presented item from the
following.
(a) Investments, Fixed Assets, Current Assets & Loan Advances, Profit & Loss
Account(Dr. balance), Miscellaneous Expenditure
(b) Fixed Assets, Investments, Current Assets & Loan Advances, Profit & Loss
Account(Dr. balance) , Miscellaneous Expenditure
(c) Fixed Assets, Investments, Current Assets & Loan Advances, Miscellaneous
Expenditure, Profit & Loss Account(Dr. balance)
(d) Fixed Assets, Current Assets & Loan Advances, Profit & Loss Account(Dr.
balance), Miscellaneous Expenditure
9. One of the statements in respect of Profit & Loss Adjustment account is
incorrect, rest are correct. Mark the incorrect sentence.
(a) The account is credited with closing balance of profit and loss account of last
year
10. The two portion of each pair relating to partnership accounts has got some
relationship. However one of the pairs is a mismatch and has no relationship.
Select this pair from the following
(a) Management of business - business may be run by one or some or all partner
11. The two portion of each pair relating to admission of a partner has got some
relationship. However one of the pairs is mismatch and has no relationship. Select
this pair from the following
(d) Revaluation of assets & liabilities - Profit & Loss adjustment account
12. The two portion of each pair relating to retirement of a partner has got some
relationship. However one of the pair is mismatch and has no relationship. Select
this pair from the following
13. If the partners capital accounts are fixed, where will you record (either debit
side or credit side of which account ) the following transactions (i) Salary payable
to partner (ii) Fresh capital introduced by a partner (iii) Drawing made by a partner
(iv) Share of profit earned by a partner. The effect to one of the journal entries is
wrongly given. Identify that account from the following.
14. L,K and P are partners. The following differences as listed at (i) to (iv) have
arisen due to misunderstanding. The answer to each point is given at (a) to (d).
One of the solutions is incorrect. Identify the wrong solution. (i) L used Rs.25,000
belonging to the firm and made a profit of Rs.4,000. K wants the amount to be
given to the firm (ii) P used Rs.10,000 belonging to the firm and suffered a loss of
Rs. 3000. He wants the firm to bear the loss (iii) L & K wishes to appoint S as new
partner. P does not agree (iv) L has given loan of Rs. 50,000 to the firm, he wants
interest at 6% ( there is no partnership deed)
(c) P is right. No new partner can be admitted without the consent of all.
15. Below are some statements about partnership. One of them is correct, identify
that statement.
16. O and P are two partners sharing profits in the ratio of 7:3. They admit Q into
partnership as a partner from 1st April 2006 on 3/7th share in the profit. What is
the new profit sharing ratio
(a) 14: 6 : 15
(b) 7: 3: 3
(c) 2: 2: 3
17. A firm earns Rs.10,000 as its normal profits. The rate of normal return being
10%. The assets of the firm amount to Rs.72,000 and liabilities to Rs.24,000. Find
out the value of goodwill.
(a) Rs.52,000
(b) Rs.1,00,000
(c) Rs.28,000
(d) Nil
18. When a new partner gives cash for goodwill, the amount is credited to-----
19. If the goodwill account is raised for Rs.50,000, the amount is debited to-----
20. A and B sharing profits and losses in the ratio of 2:1. C is admitted as partner
giving him share. The new profit sharing ratio will be-----
(a) 2:1:1
(b) 4: 4:3
(c) 3: 3: 2
21. If the adjustment in the values of assets at the time of the admission of a
partner shows a profit, it should be credited to the capital accounts of-----
22. A, B and C are three partner sharing profits in the ratio of 3:1:1. C retires and
his share is purchased by B. the new profit sharing ratio shall be-----
(a) 3:1
(b) 7:3
(c) 3:2
23. On the retirement of the partner, the profits on revaluation of assets should be
credited to the accounts of-----
24. A, B and C share profits as 3:2:1. C retires. Calculate the gain ratio of A and B
(a) 3:2
(b) 1:1
(c) 2:1
25. Choose the incorrect statement in case of dissolution of partnership from the
following statements
(a) On the dissolution of the firm , first creditors like wages outstanding etc. will
have to be paid
(c) The loan from the spouse of a partner is treated just like a loan from outside
parties
(d) After the books are closed, no account will show any balance.
26. Choose the incorrect statement from the following statement which are
pertaining to company accounts
(c) The shareholders are not liable for the acts of the company
(b) at discount
(c) at premium
28. A company wishes to pay dividend on shares. State which of the following may
be used for the purpose.
29. If Rs.10 share has been issued at a premium of Rs.5, on which entire amount
has been called up, has been forfeited for non payment of Rs. 4, the Share Capital
Account will be debited by-----
(a) Rs.15
(b) Rs.10
(c) Rs.4
(d) Rs.6
(a) Rs.8
(b) Rs.10
(c) Rs.9
(d) Rs.7
34. A and B are partners sharing profits in the ratio of 3:2. C is admitted as a
partner. The new profit sharing ratio among A, B and C is 4:3:2. Find out the
sacrificing ratio
(a) 7:3
(b) 4:3
(c) 1:1
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Ans:
a. At present Treasury Bills are issued for periods of 91 days and 364 days.
b. The Treasury Bills are issued for meeting the Short Term requirements
where as the Long Term Bonds are issued for various periods for meeting long
term investments.
Ans: As per Section 17 (5) of RBI Act, Bank can give the Central and State
Government Advances which are repayable within 3 months. This is thus a
short term finance and bridge the interval between expenditure of the
Government and the flow of revenue planned in the budget.
Ans: The Buying and Selling of securities or other Assets like Foreign
Exchange Gold by the Central Bank to alter the liquidity of the Banks is known
as open Market Operation. When RBI buys Government Securities from Banks
the liquidity portion of the Banks increases. Alternatively, when the Reserve
Bank sells the securities to be Banks, the banks liquidity position is reduced.
Ans:
a. Bank Rate
b. Reserve Requirement
Selective Credit Control is used by RBI to regulate cost and quantum of credit
to select sectors.
Ans:
RBI collects information on all the borrowers enjoying Secured Credit Limit of
Rs.10 lacs and above and unsecured Credit Limit of Rs.5 lacs and above.
RBI also collects the details of all doubts loss of suit filed account with
aggregate outstanding of RS.1 Crores and above and circulate the details to
all Banks.
Ans:
The Time, Savings and Current Depends, Sundry Creditors, Interest Accrual,
Interest Accrued and Payable, Net of Liability to Banking System.
However, the same exclude the inside liability like, claim received from ECGC,
amount received pending final adjustment towards the dues etc.,
Ans:
c. The Required Amount under CRR is to be kept with RBI in their Current
Account in the case of Schedulesd Banks
e. Entry for Foreign Banks and also setting up of New Private Sector Banks.
b. The Supervision will be both "on site" and "off site Supervision".
17. How many DSB Returns are introduced by RBI and which all areas
they cover.
Ans: There are seven types of DSB Returns. Cover, Details of Assets and
Liability of Banks, Capital Adequacy, NPA Assets, and Quality of Assets,
Position of Unreconciled entries etc., etc.,
a. Order of Court
c. As per Income Tax ACt 1961 Sec 131 and Sec 133.
b. The order Nishi would instruct Bank to recover and Remit balance in the
account of its creditors to court.
c. Branch has to block the Account if it is not encumbered and then report
to RO for further instruction.
Ans:
21. What are the difference between Mandate and Power of Attorney.
Ans:
a. For persons, firms and others, who have capital gain and wish to invest
the same in house property etc., within a period of 3 years the mount of gain
can be kept in an account known as Capital Tax Account.
"A copy of will certified under the seal of court of competent jurisdiction
confirming that the will has been duly executed and is the valid one".
Ans: Letter of Administration is issued where the party has not created a
Will.
Probate is the certified approved will and is issued when the party has left a
will.
Ans:
1. Where ever Banks hold nominations in respect of deposit account
holders, settlement should be done as per nominations.
a. Death Certificate
b. Consent Letter
c. Affidavit
d. Enquiry forms
f. Stamped Receipt
g. Indemnity
Ans:
27. What are the new guidelines on the NI Act relating to Sec 138 -
142.
Ans:
b. Time for initiating criminal action 30 days from the date of intimation of
dishonour of cheque by the payee.
28. What are the salient features of latest decided cases in respect
of Dishonour of cheques under Section 138 - 142 of NI Act.
Ans:
a. Talwar Committee
b. Goiporia Committee
c. Tarapore Committee
Ans:
d. The complaint has to be lodged within 2 years from the date of cause of
action.
Ans:
a. This clearing service is introduced as per Saraf Committee
Recommendations for handling repetitive or low value transactions like
Interest dividend, pension etc., etc., For example - Dividend by UTI, its US 64
monthly interest on UTI schemes etc.,
Ans:
This is for debit transactions like payment of electricity bills, telephone bills
etc.,
Ans:
c. RBI has recently developed a new EFT Special Electronic Funds transfer
for transfer of Large Value Transaction.
Ans:
a. Back stop interest rate will be at the reverse repo cut off rate at which
funds were injected earlier.
b. Where no reverse repo bid is accepted as per repo auction, the back
stop interest will be 2% points over rep cut off rate of Pre-day under LAF.
c. On days when no bids for repo or reverse repo auctions are
received/accepted the back stop interest rate will be decidd by RBI on an ad-
hoc basis.
Ans:
a. The Bill provide the legal frame work necessary for electronic
commerce.
c. Amend the Indian Penal Code, The Evidence Act, The Banker's Book of
Evidence Act and The Reserve Bank of India Act.
36. What all areas are covered by Information Technology Bill 2000
c. The Act recognises an electronic record which has been signed with a
digital signature.
d. It lays down the broad authority structure for implementing Public Key
Infrastructure.
Ans:
a. Risk based Supervision, which is developed as per Basle Committee
Recommendations to strengthen the Banking System.
Ans:
b. Banks
c. Sovereign
d. Retail
e. Project Finance
f. Equity
Ans:
d. The outstanding exposure may be fund based and non fund based
g. Atleast 75% of the lenders by value should agree for CDR package
This consist of CMD of IDBI, Chairman of SBI, ICICI Bank IBA and CMD's of all
participating Banks/Financial Institutions
46. What are the most important categories of risks for Bankers
Ans:
1. Credit Risk
2. Market Risk
3. Operational Risk
Ans:
Ans:
49. What are the tools available for Mitigating Credit Risk
Ans:
b. Delegation of Power
c. Multilayer Sanction
d. Portfolio Selection
a. Liquidity Risk
51. What are the hedging tools that are available for hedging
Interest Rate Risk
Ans:
52. What are the hedging tools that are available for hedging
exchange rate
Ans:
a. Swaps
b. Option
d. Futures
54. What is the Prudential exposure limit for a single borrower and
group borrower.
Ans:
55. What is the cut off limit for conducting Stock Audit
Ans:
b) For new borrowal accounts of funds based working capital for 5 crores to
10 crores once in a year in Dec .
56. What is the credit limit for SSI units which no collateral security
should be insisted
Ans:
For advances for SSI upto Rs.25 lacs. We need not insisted provided the party
has got a good track record.
Ans:
Ans:
Ans: Into 8 liquidity buckets with additional grouping of the first bucket into
1 day bucket, 2-7 days bucket and 8- 14 days bucket.
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As you want to get the JAIIB exam previous year question papers so here is the
information of the same for you:
Ans:- (d)
3) Sec ---- of RBI Act,1934 gives sole power to RBI to issue currency notes
a) 10
b) 18
c) 22
d) 26
Ans:- ( c )
4) KYC means
Ans:- (d)
Ans:- (d)
a) Paying Banker
b) Collecting Banker
c) Advising Banker
d) Issuing Banker
Ans:- (b)
a) Movable goods
b) Immovable property
c) Book debts
d) Corporate guarantee
Ans:- (a)
a) 12/08/05
b) 14/09/05
c) 12/11/05
d) None
Ans:- (d)
Ans:- ( c )
10) Your bank grants a working capital finance to ABC & Co, a partnership firm,
against hypothecation of inventory. The charge is to be registered with Registrar of
Companies within
Ans:- (d)
a) Pledge
b) Hypothecation
c) Bankers lien
d) Guarantee
Ans:- ( c )
Ans:- (d)
13) Banks Assets are classified in to standard assets, substandard assets doubtful
assets and loss assets, based on the recommendations of --------------------
Committee
a) Rangarajan
b) Narasimham
c) Ghosh
d) Tandon
Ans:- (b)
14) The time taken to convert cash into raw materials, semi finished goods,
finished goods and into cash , is known as
a) Trade cycle
b) Cash cycle
c) Operating cycle
d) Revolving cycle
Ans:- ( c )
15) A company which pools money from investors and invests in stocks, bonds,
shares is called
a) A bank
b) An insurance company
c) Bancassurance
d) Mutual Fund
Ans:- (d)
16) Bancassurance is
Ans:- ( c )
17) John & James are friends aged 14 & 15 respectively. They want to open a joint
account in your bank. You will
Ans:- (a)
a) Can honour the cheque only after obtaining confirmation from other directors
b) Can honour the cheque
c) Cannot hounour the cheque
d) The company should issue a stop payment instructions to the bank
Ans:- (b)
a) Virtual Banking
b) Online Banking
c) Voice processing
d) Core Banking
Ans:- ( c )
a) Bookdebts
b) Performing debts
c) Bad debts
d) Non performing debts
Ans:- (d)
Ans:- ( c )
23) Loan for fish rearing is covered under Prirority Sector as ----------- advances
a) Direct Agriculture
b) Indirect Agriculture
c) Self Employment Scheme
d) Allied to indirect Agriculture
Ans:- (a)
Ans:- (b)
Ans:- (d)
26) The apex institution which handles refinance for agriculture and rural
development is called:
a) RBI
b) SIDBI
c) NABARD
d) SEBI
Ans:- ( c )
a) RBI inspectors
b) Internal inspectors
c) Statutory auditors
d) Concurrent auditors
Ans:- ( c )
a) Dealing activities
b) Risk Management
c) Reconciliation
d) Confirmation of deals
Ans:- (b)
a) Call Money
b) Notice Money
c) Term Money
d) GOI dated securities
Ans:- (d)
30) Which was the first Mutual Fund started in India:
a) SBI Mutual Fund
b) Kotak Pioneer Mutual Fund
c) Indian Bank Mutual Fund
d) None of the above
Ans:- (d)
a) FIMMDA
b) AMFI
c) RBI
d) SEBI
Ans:- (d)
Ans:- (d)
33) Your banks customer XYZ Ltd, enjoys a CC limit of Rs.1,00,000.00 The CC
account shows a credit balance of Rs,10,205.00. The relationship between your
bank and XYZ Ltd is:
a) Debtor/Creditor
b) Creditor/Debtor
c) Bailor/Bailee
d) Bailee/Bailor
Ans:- (a)
a) Customers Right
b) Customers Obligation
c) Bankers Right
d) Bankers Discretion
Ans:- (d)
a) Borrowing
b) Issuance of Letters of Credit
c) Buying and selling of bullion
d) All of the above
Ans:- (d)
Ans:- ( c )
37) In respect of Regional Rural Banks, the share holding pattern is:
a) Central Government 50%,State Government 35%,Sponsoring Bank 15%
b) Central Government 50%,State Government 15%,Sponsoring Bank 35%
b) Central Government 15%,State Government 35%,Sponsoring Bank 50%
b) Central Government 35%,State Government 50%,Sponsoring Bank 15%
Ans:- (b)
Ans:- (d)
Ans:- (b)
a) 6%
b) 8%
c) 9%
d) 10%
Ans:- ( c )
42) Except one of the following others are known as Non Fund based facilities:
a) Letters of Credit
b) Bank Guarantees
c) Co-acceptance of Bills
d) Trust Receipt
Ans:- (d)
a) Call Money
b) Cross Currency Interest Rate swaps
c) Commercial Paper
d) Certificate of Deposit
Ans:- (b)
44) Except one of the following others are part of Public Sector Banks:
Ans:- (d)
45) A banker is expected to honour the cheques within the specified banking
hours as per Section of NI Act,1881
a) 22
b) 25
c) 31
d) 65
Ans:- (d)