When the amount of rebate on bills discounted shown in the adjustments, then it has to be:

a.

Deducted from discounts on bills purchased and shown in fixed assets

b.

Deducted from discounts on bills purchased and shown in other liabilities

c.

Added to discounts on bills purchased and shown in other liabilities

d.

Deducted from discounts on bills purchased and shown in other assets

Identify which one of the following statement is correct?

a.

Banks are basically financial intermediaries between the depositors and the borrowers

b.

Banks are basically financial intermediaries between the debtors and the borrowers

c.

Banks are basically financial intermediaries between the government and the borrowers

d.

Banks are basically financial intermediaries between the depositors and the creditors

Identify which one of the following statement is not correct?

a.

The credit limit under the facility of cash credit is sanctioned against the goods in show room of the borrower by the bank

b.

The credit limit under the facility of cash credit is sanctioned against the security of certain tangible assets of the borrower by the bank

c.

The credit limit under the facility of cash credit is sanctioned against the security of materials for sale of a business man by the bank

d.

The credit limit under the facility of cash credit is sanctioned against the guarantee provided by the government

An undertaking received in older days to return the money to the depositor was called

a.

Blacksmiths notes

b.

Bills of exchange

c.

Goldsmiths notes

d.

Goldsmiths record

The total balance of each ledger, which is used to prepare trial balance contains in:

a.

General ledger

b.

Day Ledger

c.

Daily ledger

d.

Cash ledger