JAIIB PAPER 02: ACCOUNTING & FINANCE FOR BANKERS - Practice Mock Test 01
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GVSBANKCADEMY (www.gvsbankcademy.com)
{Note: THIS MOCK TEST IS FOR YOUR PRACTICE PURPOSE. DONT SIMPLY SUBMIT WITHOUT ATTEMPTING MOCK TEST JUST FOR ANSWERS. LEARN CONCEPT & PRACTICE}
1. A firm produces Bulbs with a selling price of Rs.100 per bulb. The variable cost for production of a bulb is Rs.60.00. If the fixed cost for the year is Rs.20.00 Lacs, please calculate the minimum number of bulbs the firm has to sale in-order to achieve Break Even sales?
1 point
2. Which of the following is a liquidity ratio?
1 point
3.The average book debts outstanding of a firm is Rs. 50 Lacs. Please find out the average debt collection period if credit sales during last year was Rs. 250.00 Lacs?
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4. A Firms’ Balance Sheet as on 31.03.2021 shows Paid up capital of Rs. 50.00 Lacs, Reserves and Surplus Rs. 20.00 Lacs, Term Loan outstanding Rs. 14.00 Lacs and Cash Credit outstanding Rs. 20.00 Lacs. If fixed Assets of the company is Rs. 40.00 Lacs and Non- Current Assets is Rs. 24 .00 Lacs, what is the NWC of the firm?
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5. When NWC of a firm is Rs. 160.00 Lacs. Current Asset is Rs. 280.00 Lacs, what should be the Current Ratio?
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6. A partnership for which no period or duration is fixed under the Indian Partnership Act is known as:
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7. A company spent Rs. 5,00,000 spent on advertising to introduce a new line of product is:
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8. Profit before tax Rs. 150; Tax Rs. 40; Depreciation Rs. 30; Interest on Term Loan Rs. 30; Annual installment of term loan Rs. 70. What is Debt Service Coverage ratio:
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9. Total current assets of the company: Rs. 96 lakhs. Other current liabilities are: Rs 16 lakh. Calculate MPBF and Margin as per Tandon committee 2nd method of lending
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10. A firm has opening stock Rs. 70000, closing stock Rs. 90000, cost of goods sold Rs. 340000. What is the inventory turnover ratio?
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11. When the drawee pays the amount of the bill before its due date it is called:
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12. Forex rate in Delhi is 1 US $ = 73.50 . In London the 1 Euro = US $ 1.22. What is the cross rate for Euro.
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13. Which of the following does not match:
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14. The depreciation has been charged and it has been debited to fixed asset account. It is an:
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15. For a capital budgeting expenditure, the net present value of a project at 20% is Rs.15 lac negative, at 12 %, it is Rs.12 lac positive and at 16%, it is ZERO. The internal rate of return from the project is:
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16. A company comes out with an equity share issue having face value of Rs. 10 and  total issue price Rs. 50 for the share. The amount will be credited to:
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17. Which among the following accounting standards deal with related party transactions :
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18. The price at which two unrelated and current market prices, parties would agree to a transactions is called:
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19. A bond face value of Rs. 100 and coupon of 10%. Its remaining maturity period is 6 years. At 11% YTM, its market value is:
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20. Today population is 5 lac. What will be the population after 6 year and before 4 year. It increases at 7% p.a
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21. Which of the following is not  a accounting concept at the  recording stage
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22. Which of the following statement is incorrect about Accounting Standards
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23. Which of the following incorrect about account categories:
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24. Which of the following statement is correct regarding requirements of banking companies as to accounts and audit:
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25. If the 1 year discount factor is 0.8333, what is the discount rate (interest rate) per year?
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26. Adjusting entries will affect which of the accounts:
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27. Machinery value - Rs. 24,00,000, Salvage Value – Rs. 2,00,000, Useful Life in Years - 10 Years. Use sum of the years' digits method of depreciation to find the depreciation for 3rd year.
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28. Which method doesn't take time value of money in consideration:  
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29. Which of the following formula is incorrect:
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30. Debt Equity ratio is 3:1, the amount of total assets Rs. 20 lac, current ratio is 1.5:1 and current assets are Rs. 1200000, debt  amount is Rs. 900000. What is the amount of net owned funds?
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31. which of the following statement is incorrect:
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32. which of the following statement is incorrect about companies:
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33. Which of the following abbreviation expansion is incorrect:
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34. Regarding primary dealers, which of the following statement is incorrect:
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35. Bond coupon rate 12%, face value Rs. 1000, current market price Rs. 900. What is current yield:
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36. Using below information Find Amount of net profit will be:
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37. The Securities premium account may be applied by the company:
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38. Z Ltd. forfeited 600 Shares of Rs. 10 each, on which first call of Rs. 3 per share was not received; the second and final call of Rs. 2 per share has not yet been called. Forfeited share A/c will be credited with ________________.
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39. Opening stock - Rs. 1000; Purchases - Rs. 20000; Direct expenses - Rs. 500; Sales - Rs. 16000; Closing Stock - Rs. 8000. Compute GROSS PROFIT:
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40. ABC Ltd. invited application for 30,000 shares payable as under: Rs. 3 per share on application; Rs. 3 per share on allotment; Rs. 2 per share on First Call; Rs. 2 per share on Final Call. Ashok who had been allotted 500 shares failed to pay both the calls. His shares were forfeited and reissued at Rs. 9 per share to Hari, as fully paid up. Amount transferred to capital Reserve will be __________________
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41. Capital Budgeting is a part of:
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42. Selling price per unit Rs. 4000, Variable cost per unit Rs. 3000, Total fixed cost Rs. 1500000. Calculate BEP in units:
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43. A project requires a cash outlay of Rs. 20,000, and Generates Cash inflows of Rs. 8,000; Rs. 7,000; Rs. 4,000 and Rs. 3,000 during the next 4 years. What is the project’s payback?
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44. If the before-tax cost of bond is 12 per cent, and the corporate tax rate is 25 per cent, the after-tax cost of bond will be:
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45. ABC Ltd. has a Current Ratio of 1.5: 1 and Net working capital is Rs. 5,00,000. What are the Current Assets?
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46. The following is the summary of a balance sheet Current assets: Rs. 40 lakh, Trade creditors Rs. 25 lakh, working capital cash credit limit from banks: Rs. 5 lakh.   In this case, working capital gap will be:
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47. When the no. of directors in public limited company is more than ____, shareholders’ approval is required:
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48. Which of the following statement is incorrect:
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49. Underwriting commission: The rate of commission paid or agreed to be paid shall not exceed, in case of shares, ------- percent of the price at which the shares are issued or a rate authorised by the articles, whichever is less, and in case of debentures, shall not exceed ------- per cent of the price at which the debentures are issued, or as specified in the company’s articles of association, whichever is less:
1 point
50. Banking Company needs to transfer a minimum of -----   its profit to reserve fund.
1 point
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