Q. Banks show provision for income tax under the head
✅ Correct Answer: (B)
Other liabilities
Corporate Accounting MCQs and Notes
Q. Money at call and short notice is an ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of the Banking company.
✅ Correct Answer: (B)
Asset
Q. Revenue reserve means any reserve other than ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ reserve.
✅ Correct Answer: (D)
Other reserve.
Q. A demand Loan is payable on ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (A)
Demand
Q. A ‐‐‐‐‐‐‐‐‐‐‐‐ loan is payable on demand
✅ Correct Answer: (B)
Demand Loan
Q. Banking business in India is largely governed by the ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (D)
Banking Regulation Act
Q. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ in India is largely governed by the Banking Regulation act 1949.
✅ Correct Answer: (B)
Banking business
Q. Banking business in India is largely governed by the Banking Regulation Act‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (C)
1949
Q. Rebate on bills discounted is ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
✅ Correct Answer: (B)
Income received in advance
Q. Banks are required to transfer ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ of their profits to a statutory Reserve.
✅ Correct Answer: (A)
25%