Accounting and Finance problems
- 1. ETCS means
Options- A. Electronic Tax Collected at Source
- B. Electric Tax Collected at Source
- C. Enable Tax Collected at Source
- D. Electrical Tax Collected at Source Also asked in: Bank Exams, CAT, Analyst, Bank Clerk, Bank PO
Correct Answer: Electronic Tax Collected at Source
Explanation:
Tax Collected at Source (TCS) is income tax collected in India payable by the seller who collects in turn from the buyer and it is provided under section 206C of Income Tax Act, 1961 at the sale of some goods which are specified.
E - TCS is the process of filing TCS returns through electronic media. It is necessary for government and corporate collectors to file TCS returns in its electronic form. Collectors (other than government) have the provision to file TCS returns in physical form or electronic form.
- 2. What is the full form of SOX and what does it means in Accounting ? Also asked in: Bank Clerk, Bank PO
Correct Answer: Sarbanes Oxley Act Otherwise known as Public companies Accounting reforms and investor protection Act It was enacted in 2002 in USA after lot of scams come up on accounting framework whereby investors lose faith and confidence on accounting disclosures
- 3. Which among the following is an asset for a bank?
Options- A. The loans disbursed by Bank to its customers
- B. Cash Deposits of Customers
- C. Investments made by Bank?s customers in its financial Products
- D. All of the above Also asked in: AIEEE, Bank Exams, CAT, Analyst, Bank Clerk, Bank PO
Correct Answer: The loans disbursed by Bank to its customers
Explanation:
Asset means anything that can be converted into cash. Here in banks, the loans disbursed by Bank to its customers is considered as assets because when they are cleared by them, then they are directly converted to cash.
- 4. When an already listed organisation makes fresh issue of securities to the public, it is known as ________.
Options- A. IPO
- B. Preferential Issue
- C. Rights Issue
- D. FPO Also asked in: Bank Exams, CAT, Bank Clerk, Bank PO
Correct Answer: FPO
Explanation:
FPO (Follow on Public Offer) is a process by which a company, which is already listed on an exchange, issues new shares to the investors or the existing shareholders, usually the promoters. FPO is used by companies to diversify their equity base. A follow-on public offer (FPO) is also called Further Public Offer.
- 5. Which small finance Bank is included in the second schedule of the Reserve Bank of India Act, 1934 ?
Options- A. Janalakshmi
- B. Utkarsh
- C. Suryoday
- D. None Also asked in: Bank Exams, CAT, Bank Clerk, Bank PO
Correct Answer: Suryoday
- 6. When a debtor owes several debts to a banker and makes a payment, the right of appropriation lies with
Options- A. The Court
- B. The Banker
- C. The Debtor
- D. All the above Also asked in: Bank Exams, CAT, Analyst, Bank Clerk, Bank PO
Correct Answer: The Debtor
- 7. Which payment method typically charges the highest interest rates?
Options- A. Credit cards
- B. Payday loans
- C. Cashier's checks
- D. Pre-paid cards Also asked in: Bank Exams, CAT, Bank Clerk, Bank PO
Correct Answer: Payday loans
Explanation:
Both Credit cards and Payday loans payment methods typically charges the highest interest rates. When compared Payday loans seems to charge a little bit higher interest rates than Credit Cards interest rates.
- 8. Which is the largest foreign bank in India ?
Options- A. HDFC Bank
- B. American Express Bank Ltd
- C. DBS Bank Ltd
- D. Standard Chartered Bank Also asked in: Bank Exams, CAT, Bank Clerk, Bank PO
Correct Answer: Standard Chartered Bank
Explanation:
Standard Chartered Bank
Standard Chartered Bank have been operating in India since 1858.
- 9. Headquarters of State Bank of India is in
Options- A. Noida
- B. Mysore
- C. Mumbai
- D. Hyderabad Also asked in: AIEEE, Bank Exams, CAT, Analyst, Bank Clerk, Bank PO
Correct Answer: Mumbai
Explanation:
State Bank of India (SBI) is the largest public sector banks in India. It was the first bank established in India as Bank of Calcutta in 1806 and then Imperial Bank of India and then it became State Bank of India on 1st July 1955. The Headquarters of State Bank of India is in Mumbai, Maharashtra.
- 10. How Would You Assist an Employee Whose Tax Withholdings Are Inaccurate? Discuss
Correct Answer: This question illustrates whether the applicant has experience changing employee income tax withholding amounts The applicant should be able to describe the necessary forms to use and the process for changing the information in the payroll system
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