1. FINANCE CLUB
{ALPHA BULLS(α-β)}
ACTIVITY

2. Basic Accounting Quiz
(1)The properties used in the operation or
investment activities of a Business are
called-
a) Owner’s Equity
b) Revenues
c) Assets
d) Liabilities
Assets

3. (2)Who is considered as the father of
accounting?
a) John Adam Smith
b) Luca Pacioli
c) Pythagoras
d) George Stiphensonson
e) None of the above
Luca Pacioli

4. (3)A relatively new type of business
structure that combines the benefits of a
partnership and corporation is called a-
a) Limited Liability company
b) Corporation
c) Hybrid Partnership
d) Sole partnership
Limited Liability company

5. (4)If Assets=1,00,000 and liabilities=75,000
then owner’s equity(capital) is-
a) 25,000
b) 175,000
c) 75,000
25,000

6. (5)A debit is an entry made to the left
side(column) of an account and always
Increases an accounts balance
a) False
b) True
False

7. (6)Debit/Credit Rule-enter an amount in the
normal balance side of account to increase
the balance and in the opposite side to
decrease the balance
a) False
b) True
False

8. (7)The concept that requires every business
to be accounted for separately from its
owners is called the-
a) Accounting period concept
b) Matching concept
c) Business entity concept
d) owners entity concept
Business entity concept

9. (8)Owner’s withdrawals (Draws) are not
used to figure the profit or loss of a business
a) False
b) True
True

10. (9)The single entry book keeping system is
the system recommended by most accounts
for recording financial transactions
a) True
b) False
False

11. (10)Profit is the amount that a business s
expenses exceed revenues
a) False
b) True
False

12. (11)Which of the following accounts is
what is known as a temporary or nominal
account?
a) Capital
b) Asset
c) Revenue
d) Liability
Revenue

13. (12)Which of the following is not a version of
the accounting equation.?
a) Assets=Liabilities +Owner’s equity
b) Property=property rights
c) Assets=Liabilities +Beginning
capital+investments+Revenue-Expenses-
Draws
d) Non of the above
Non of the above

14. (13)Preliminary expenses belongs to
__________ Asset category.
Fictitious assets

15. (15)Which one is the example of Wasting
assets?
a) Copy rights
b) oil wells
c) Motor car
d) Prepaid Expenses
oil wells

16. (16)Those assets which are not represented
by anything concrete or tangible are known
as---------.
a) Current Asset
b) Tangible Asset
c) Contingent Asset
d) Fictitious Asset
e) None of the above
Fictitious Asset

17. (17)Golden Rules Of nominal Account ------
“Debit all Expenses and Losses
Credit all Incomes and Gains”

18. (18) Pick the Odd man out
a) Salaries Paid
b) Interest Paid
c) Interest received
d) Freight charges
Interest received

19. (19)bills payable is an example of -------------
a) Current Asset
b) Current liability
c) Fixed Asset
d) Contingent Liability
Current liability

20. (20) Which among is not an example of
Artificial personal accounts?
a) Banks Account
b) Company Account
c) Firms Account
d) Ram’s Account
Ram’s Account

21. (21) Recording of transaction is known as
_____.
a) Record
b) Entry
c) Transaction
d) Book-keeping
Entry

22. (22)Jour(Day) is a ________ word
a) Japanese
b) Greek
c) Spanish
d) French
French

23. Journal Entry
(23)Insurance premium prepaid for 3
months. Annual premium Rs. 4000
Insurance premium A/C Dr
To
Insurance A/c

24. (24)Purchased from M 25 fans @ 500 per
Fan in cash
Fan A/c Dr
To
Cash A/C

25. Banking Awareness
(25)The Imperial Bank of India was named as
the—
(A) Reserve Bank of India (B) State Bank of
India
(C) Union Bank of India (D) Bank of India
State Bank of India

26. (26)Which is/are not an associated bank of
SBI ?
(A) The State Bank of Hyderabad
(B) The Union Bank of India
(C) The State Bank of Bikaner and Jaipur
(D) The State Bank of Mysore
The Union Bank of India

27. (27)Which is not a nationalized bank ?
(A) Bank of India (B) Canada Bank
(C) AXIS Bank (D) Vijaya Bank
Vijaya Bank

28. (28)The RBI was established in—
(A) 1935 (B) 1940
(C) 1947 (D) 1949
1935

29. (29)When RBI has decided to circulate
‘Plastic Currency Notes’ in the market ?
(A) July 1, 1999 (B) July 1, 2010
(C) July 1, 2011 (D) Sept. 1, 2011
July 1, 2010

30. (30)NPAs stands for—
(A) Net Present Value
(B) Non Preforming Assets
(C) Net Pure Assets
(D) Net Permanent Assets
Non Preforming Assets

31. (31)What is Repo Rate??
(a) It is the rate at which RBI gives loans to its
prime customers.
(b) It is the rate at which RBI gives loans to
poor people.
(c) It is the rate at which commercial banks
borrows rupees from RBI.
(d) It is the rate at which RBI borrows rupees
from Commercial banks.
(e) None
. It is the rate at which commercial banks
borrows rupees from RBI

32. (32)Define KYC in banking sector.
(a) Know Your Customer.
(b) Know Your Consumer.
(c) Know Your Collapse.
(d) Knew Your Customer.
(e) None.
Know Your Customer

33. (33)Nationalized Banks are also called as
(a) Public Sector banks.
(b) Private Sector banks.
(c) Corporate banks.
(d) MFI.
(e) None
Public Sector banks

34. (34) Currency of japan is
(a) Real
(b) Peso
(c) Euro
(d) Dollar
(e) none of the above
none of the above

35. (35)what is the minimum time of operation
an insurance company is required to
complete for becoming eligible to launch
an initial public office(ipo)?
a.3 years
b. 5 years
c. 7 years
d. 10 years
7 years

36. (36)Name 5 public sector bank name starting
with alphabet (A-D)
 Allahabad Bank
 Andhra Bank
 Bank of Baroda
 Bank of India
 Bank of Maharashtra
 Canara Bank
 Central Bank of India
 Corporation Bank
 Dena Bank

37. (37)Name 5 private sector bank name staring
with the alphabet (H-L)
HDFC Bank
ICICI Bank
IDBI Bank
IndusInd Bank
ING Vysya Bank
Jammu & Kashmir Bank
Karnataka Bank
Karur Vysya Bank
Laxmi Vilas Bank

38. Current Affairs
(38)Who is the current governor of Reserve
bank of India?
D.Subba Rao

39. (39)Government of India have allowed FDI
multi-brand strategy in how many cities in
India?.
20

40. (40)Current Sensex index point of
today_________(with decimal value)
18752.83

41. (41)Current Nifty Index point of
today____________(With decimal value)
5691.15

42. (42)Current Finance minister of
India__________
P.Chidambram

43. (43)How many points in Sensex had risen
due to the multiband retail strategy after
one day ?
a) 410
b) 540
c) 230
d) 180
410

44. (43)What is the name of the highest current
richest person in the world.?
a) Bill Gates
b) Warren Buffett
c) Carlos Slim
d) Li Ka-shing
Carlos Slim

45. (44)What is the name of the highest paid
women in corporate sector?
a) Carol barz
b) Safra catz
c) Irene Rosenfeld
d) Carrie Cox
Carol barz

46. (45)Rank of BSE according to highest
market caps and Traded value
a) 14
b) 15
c) 16
d) 17
16

47. Financial Terms
(46)Current Asset and Current Liability
CA
Those assets which can be converted into
cash within short period of Time or normal
business cycle or within one year.
CL
those liabilities which are to be redeemed
within a year.
Exa- creditors, bank loan, bills payable

48. (47)Book-keeping and accounting

49. (48)Journal and ledger

50. (49)Accrual and Realization concept of
Accounting

51. (50)BSE and NSE

52. (51)Deficit and Surplus

53. (52)Capital and liability

54. (53)Personal and nominal A/c

55. Abbreviation
(54)CIF
Cost,Insurance,freight

56. (55) CIMA
Chartered Institute of Management
Accountants

57. (56)GAAP
Generally Accepted Accounting Principle

58. (57)SEBI
Security Exchange board of INDIA

59. (58)ROI
Return On Investment
Rate of Interest

60. (59)VAT
Value Added Tax

61. (60)FMS
Financial management System

62. (61)AICPA
American Institute of Certified public
Accountants