JAIIB Daily Quiz: Quiz 11

15/04/2021

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JAIIB Daily Quiz: Quiz 11

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Passbook is a copy of ___________

(a) the customers cash transaction

(b) the cash column of a customer’s cash book

(d) None of the above

Answer & Explanation

Ans: c

A firm has deposited with the bank Rs. 25000 cash but bank credited this amount to another account. A cheque issued by the firm for Rs. 20000 has been dishonoured to the above reason. The balance as per cash book is Rs. 5535. What is the balance as per pass book?

(a) 435

(b) 535

(d) 25535

Answer & Explanation

Ans: b

Soln.

As per cash book
Amount deposited in bank		25000
cheque issued		20000
bal remained		5000
bal as per cash book		5535
bal as per cash boom before amt dep		535
therefore balancee as per pass book		535

The _______ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

(a) Journal

(b) Ledger

(d) P & L Account

Answer & Explanation

Ans: b

__________ is/are recorded in sales book.

(a) Cash sales

(b) Credit sales

(d) None of the above

Answer & Explanation

Ans: b

___________ is also known as book of second entry.

(a) Trial Balance

(b) Ledger

(d) Journal

Answer & Explanation

Ans: b

The _________ concept of accounting implies that the business entity will continue its operations in the future.

(a) Business Entity Concept

(b) Going Concern concept

(d) Realisation concept

Answer & Explanation

Ans: b

7.____________ is the method used to sell a product from one subsidiary to another within a company.

(a) Transfer pricing

(b) Revenue pricing

(d) Zero pricing

Answer & Explanation

Ans: a

Financial instruments is covered under which standard of IFRS?

(a) IFRS 5

(b) IFRS 7

(d) IFRS 11

Answer & Explanation

Ans: c

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