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This set of Special Accounting Multiple Choice Questions & Answers (MCQs) focuses on Special Accounting Set 3
Q1 | A demand loan is payable on ……………………………………..
- Demand
- At any time
- after one yea
- after six months
Q2 | Banks shown provision for income tax under the head ……………….
- Other liabilitie
- Contingent liabilities
- Other liabilities and provisions
- None of these
Q3 | No profit and loss appropriation account is prepared in case of a…………… company.
- Co – operative society
- Partnership
- Banking company
- None of these
Q4 | Banks are required to prepare final accounts for each ……….. year
- Financial
- Calendar
- Previous
- None of these
Q5 | A banking company required to prepare its profit & loss account according to ……………………… of the III schedule of the Banking Regulations Act.
- Form A
- Form B
- Form C
- Form D
Q6 | Rebate on bills discounted is shown on the liability side of the ……….
- Profit & loss a/c
- Income statement
- Balance sheet
- None of these
Q7 | Revenue reserve means any reserve other than ……………. Reserve
- General
- Capital
- Other reserve
- None of these
Q8 | A …………. Company required to prepare its balance sheet according To form A in the III schedule of the Banking Regulation Act
- Insurance company
- Joint stock company
- Banking companies
- None of the above
Q9 | A banking company required to prepare final accounts according to …………………schedule of the Banking Regulation Act
- III
- IV
- V
- VI
Q10 | A banking company required to prepare its ……………. According to Form B in the III schedule of the Banking Regulations Act
- Balance sheet
- Profit & loss appropriations account
- Profit & loss account
- Position statement
Q11 | A banking company prepares its ……………….. according to Form A Of the Banking Regulations Act
- Fund flow statement
- Cash flow method
- Balance sheet
- Income statement
Q12 | Section 5(1) b of Banking Regulations Act , 1949 deals with
- Banking
- Insurance
- Bills
- Dividend
Q13 | Banking Regulations Act 1949 Section 17 deals with
- General Reserve
- Reserve fund
- capital reserve
- Statutory reserve
Q14 | Depreciation on bank property , directors fees , and auditors fees are examples of schedule………………………………..
- 13
- 14
- 15
- 16
Q15 | Assets which does not carry more than normal risk attach to business and no provision in required to be made against such assets are called
- standard asset
- substandard asset
- Fixed asset
- current asset
Q16 | The claim lodged by the business to …………………….. on happening the event is known as insurance claim
- Banking company
- Joint stock company
- Insurance company
- None of these
Q17 | The account prepared to find out the stock as on the date of fire is known as ……………………………… trading accounts.
- statement
- memorandum
- consolidated
- joint
Q18 | The clause through which the insurance claim due to loss of stock is reduced to the proportion that the policy value is …………………………..
- Total clause
- minimum clause
- maximum clause
- Average clause
Q19 | The ………………………. Is less than the value of stock it is called under insurance?
- Endowment policy
- Life policy
- Accident policy
- Insurance policy
Q20 | Insurance claim is a claim ……………………… by the insurance company
- Lodged
- Longed
- Lounged
- laughed
Q21 | Consequential loss policy is also known as ……………………….
- Loss of cost policy
- loss of profit policy
- loss of Operation cost policy
- loss of operating expenses policy
Q22 | It is ………………………….. to ascertain the value of stock as on the date of fire
- very easy
- not very easy
- very difficult
- not very difficult
Q23 | …………………….. is prepared to find out the stock as on the date of fire
- Trading account
- Profit and loss account
- manufacturing account
- memorandum trading account
Q24 | ………………………. Is the difference between standard sales and actual sales of dislocated period
- short sale
- Total sales
- gross sales
- Net sales
Q25 | The turnover during that period in the twelve month immediately before the date of damage which corresponds with the indemnity period is called ……………………………….
- Annual turnover
- standard turnover
- total turnover
- Net turnover