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Level 3 Accounting and GL

Quiz by Domain Training

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20 questions
Show answers
  • Q1

    Rate of interest charged by a central bank to commercial banks without Security

    Bank Rate

    LIBOR

    Base Rate

    MCLR

    30s
  • Q2

    Minimum interest rate that financial institutions could offer and lending below the base rate 

    Repo Rate

    Base Rate

    Spread Rate

    Bank Rate

    30s
  • Q3

    Home Loan is  

    None of these

    an asset to the Bank

    a liability to the Bank

    an asset to the borrower

    30s
  • Q4

    Term Deposit is 

    a liability to the depositor

    an asset to the Bank

    a liability to the Bank

    None of these

    30s
  • Q5

    A customer pays INR 50 as a charge for ATM transactions, it is recorded as   

    income to the bank

    asset to the bank 

    expense for the bank

    liability for the bank

    30s
  • Q6

    Entries to expenses such as Rent Expense are usually 

    Debits

    None of these

    Credits

    Can be both

    30s
  • Q7

    Entries to revenues / income  accounts are usually

    Credits

    Debits

    Both

    None of these

    30s
  • Q8

    When cash is received, the account Cash GL will be

    Debited

    Any of these

    None of these 

    Credited

    30s
  • Q9

    Accounting entries involve a minimum of how many accounts?

    1

    2

    4

    3

    30s
  • Q10

    Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date?

    None of these

    Income Statement

    Balance Sheet

    Statement Of Cash Flows

    30s
  • Q11

    Should the  Rs 500 entry to the Cash account be a debit?

    true
    false
    True or False
    30s
  • Q12

    Debit  Income and Credit Ac Payable is an

    Loan Entry 

    None of these

    Accrual Entry

    Expense Entry 

    30s
  • Q13

    Debit Ac Payable Credit Customer CASA  is an 

    none of these

    Liquidation Entry

    Accrual Entry

    Deposit booking entry

    30s
  • Q14

    To increase an Asset, you Debit the account?

    true
    false
    True or False
    30s
  • Q15

    Which account is not a liability account

    Cash

    Notes Payable 

    Accrued Expenses 

    Ac Payable 

    30s

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