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- Question
Reconciling the bank statement monthly is an example of
Options- A. establishment of responsibility
- B. independent internal verification
- C. documentation procedures
- D. segregation of duties
- Correct Answer
- independent internal verification
ExplanationReconciling the bank statement monthly is an example of independent internal verification
- 1. How can investors receive compounding returns?
Options- A. By investing their earnings back into their original investment
- B. By diversifying their investment portfolio
- C. By selecting a savings account that has a higher interest rate
- D. By transferring their earnings back into high-risk investment Discuss
- 2. The accounting software Tally was developed by
Options- A. Wipro
- B. TCS
- C. HCL
- D. Infosys Discuss
- 3. A check returned by the bank marked nsf means
Options- A. Cheque has been forged
- B. Cheque can't be cashed being illegal
- C. There are not sufficient funds in your accoun
- D. Bank can't verify your identity Discuss
- 4. Commercial banks are funded through which of the following?
Options- A. Stock holders
- B. Government funding
- C. Services
- D. Customer deposits Discuss
- 5. Patents, Copyrights and Trademarks are examples of
Options- A. Short-term investments
- B. Fixed assets
- C. Long-term investments
- D. Intangible assets Discuss
- 6. What is true about certificates of deposit?
Options- A. the money has to remain in the account for a specified period of time
- B. they are the most liquid account available
- C. they offer lower interest rates than savings accounts
- D. All the above Discuss
- 7. The reserves of a commercial bank consist of
Options- A. the bank's net worth
- B. the amount of money market funds it holds
- C. government securities that the bank holds
- D. deposits at the Federal Reserve Bank and vault cash Discuss
- 8. In a fractional reserve banking system
Options- A. bank accepts deposits
- B. bank accepts some loans
- C. bank has some cash reserves
- D. All the above Discuss
- 9. Compounding interest means interest accrues
Options- A. at variable rates throughout the term
- B. more quickly than simple interest
- C. more slowly than simple interest
- D. at the same rate as simple interest Discuss
- 10. Which investment type typically carries the least risk?
Options- A. Mutual funds
- B. Treasury bonds
- C. Savings account
- D. Individual stocks Discuss
Accounting and Finance problems
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Correct Answer: By investing their earnings back into their original investment
Correct Answer: TCS
Explanation:
Tally is one of the best business accounting software for accounting, inventory, payroll. It is economical and one of the most popular ERP software solutions available in the industry.
Tally, an accounting software was developed by the multinational company TCS - Tata Consultancy Services.
Correct Answer: There are not sufficient funds in your accoun
Explanation:
NSF means - Not Sufficient Funds.
Correct Answer: Customer deposits
Explanation:
A commercial bank is a type of financial institution that accepts deposits, offers checking account services, makes business, personal and mortgage loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses. A commercial bank is where most people do their banking, as opposed to an investment bank.
Commercial banks are funded through customer deposits. These banks make money by providing loans and earning interest income from those loans. The types of loans a commercial bank can issue vary and may include mortgages, auto loans, business loans and personal loans. A commercial bank may specialize in just one or a few types of loans.
Customers who deposit money into these accounts effectively lend money to the bank and are paid interest. However, the interest rate paid by the bank on money they borrow is less than the rate charged on money they lend.
Correct Answer: Intangible assets
Explanation:
Intangible asset that consists of original creative work manifested in a tangible form that can be legally protected. Intellectual property consists of copyrights, patents, trade-marks and trade secrets. Examples include literary or artistic works, business methods and industrial processes.
Correct Answer: the money has to remain in the account for a specified period of time
Explanation:
A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.
CD's are generally issued by commercial banks
Correct Answer: deposits at the Federal Reserve Bank and vault cash
Correct Answer: All the above
Explanation:
Fractional reserve banking is the practice whereby a bank accepts deposits, makes loans or investments, but is required to hold reserves equal to only a fraction of its deposit liabilities. Fractional reserve banking is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties.
Correct Answer: more quickly than simple interest
Correct Answer: Savings account
Explanation:
Different types of risk exist in ivesting schemes depending on what you've invested in.
Savings accounts are generally regarded as the least risky investments as in this we just save our wealth for future expenses.
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