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LEGALASPECTSOFBANKING

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MODELQUESTIONSJAIIBprinciples

01.ABlueChipmeans
a)ExcellentManagementProfessional
b)SharesofgoodCompanies
c)ReinforcedConcrete
d)BlueColouredPreciousStones
02.ABridgefinanceisextendedforovercoming
a)Delayingettingofthepublicissue
b)Delayindisbursementoftermloan
c)Delayindisbursementofworkingcapitalforcompletingthe
documentation
d)ForA&B
e)A,B&C
03.AsperSEBIguidelines,anyentity/personengagedinthemarketingandselling
ofmutualfundsproductsisrequiredtopassacertificationtestandobtaina
registrationnumberfromcaseof
a)SEBI(SecuritiesandExchangeBoardofIndia)
b)AMFI(AssociationofMutualFundsinIndia)
c)NSE(NationalStockExchange)
d)A,B&C
04.InterestchargedinadvanceaccountsasperRBIdirectivecannotbesubjectto
scrutinybycourt.Thisisprovidedin
a)Section35AofBRAct
b)Section21(A)ofBRAct
c)OfBRAct
d)Section26ofRBIAct

05.Afloatingchargemeans
a)Chargeatthetimeorbeforethecompanyisfloated
b)Chargeonallfloatingassetsofthecompany
c)Anequitablechargeonallassetsofthecompany
d)Anyoftheabove.
06.Thechargebywayoflienovergoodsbelongingtoacompanymustbe
registeredwithRegistrarofCompanieswithinaperiodof
a)30daysofcreationoflaw
b)Thischargeneednotberegisteredasthisisnothypothecation,mortgage
etc
c)30daysofdefaultinrepayment
d)AorCwhicheverisearlier

07.Hypothecationisdefinedin
a)HypothecationAct
b)IndianContractAct
c)TransferofPropertyAct
d)SARFAESIAct
08.TheStateGovt.wantstoseizethegoodspledgedtobankastheborrowerhas

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LEGALASPECTSOFBANKING
ACCOUNTINGANDFINANCEFOR
BANKERSJAIIBCONCEPTS2012
CAIIBBASELIICONCEPTSANDOTHER
ASPECTS
Someoftheimportantaspectsrelatingto
CRRandSLR.
importanttips
JAIIBPrinciplesandPracticesofBanking

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jaiibcaiibexams:LEGALASPECTSOFBANKING
defaultedinpaymentoftax.Inthiscase,
a)Govtduesenjoyspriorityoverbankdues
b)BankduesenjoyspriorityoverGovernmentdues
c)Bothenjoysequalpriority
d)TheGovernmentcannotseizethegoods.
09. The auctionable claim is assigned in favour of more than one assignee at
differentpointsoftime.Thepriorityofchargeisdeterminedwithreferenceto
dateof
a)Executionofnoticeofassignment
b)Executionofthewritteninstrumentforassignment
c)Receiptofnoticeofassignment
d)NoA
10.AMortgagecannotbeenforcedintheabsenceof
a)Deliveryofthetitledeeds
b)LegalOpinion
c)NarrationinTitledeedsregister
d)Pecuniaryobligation.
11.Asimplemortgageneedberegisteredwhen
a)TheLoanamountexceedRs.100/
b)ValueofmortgagedpropertyexceedsRs.100/
c)AorBwhicheverexceedsRs.100/
d)BothA&B

12.AMortgageofthemortgagedpropertyiscalled
a)Submortgage
b)SecondMortgage
c)Remortgage
d)FraudulentMortgage

AccountingConceptsANDIMPORTANT
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13.Fordeterminingtheadvanceamounttheshareswillbevaluedonthebasisof
a)Currentmarketprice
b)Averagemarketpriceforthelast12months
c)FaceValue
d)AorBwhicheverislower.
14.AssignmentofLICpolicyisdoneaspersectionof.Act.
a)132ofTransferofPropertyAct
b)38,IndianInsuranceAct1938
c)138ofContractAct
d)NOA

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15.GovernmentPromissorynotesshouldbesenttopublicdebtofficetoconfirm
genuinessof
a)ThePromissorynote
b)Endorsement
c)Alternations,ifany
d)Alltheabove.
16.GoldLoansaregivenonlytoproperlyintroducedpersonsbecauseof
a)RBIsdirectives
b)Bankwilllosetherighttosellthegoldifthepledgeestitleisdefective
c)Sec.131ofNegotiableInstrumentAct
d)Alltheabove.
17.Reservecreatedoutofprofitfrombusinessoperationisknownas
a)CapitalReserveb)ProfitReserve
c)RevenueReserved)FreeReserve
18.ThefollowingisaTermLiability
a)DebenturespayablewithinayearfromthedateofBalanceSheet
b)PreferenceSharespayablewithinaperiodofoneyearfromthedateof

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BalanceSheet
c)TermLoaninstalmentspayableinayear
d)Depositfrompublicpayablein2yearstime.
19.InvestmentinSharesofothercompaniescanbeclassifiedasCurrentAsset
onlywhenthe
sharesare
a)Quoted
b)Relatetotradeinvestment
c)A&B
d)SharescannotbeclassifiedasCurrentAssets
20.ThefollowingisnotusuallyclassifiedasOtherNonCurrentAssets
a)AdvancegiventoDirectors
b)TenderDeposit
c)Receivableoutstandingbeyond12months
d)PreliminaryandPreoperativeexpenses
21.AunitisshowinganetprofitofRs.46,000/.DividendreceivedRs.8000/.
Operating
expensesisRs.96000/.Findthegrossprofit
a)134000b)150000c)142000
22.AfirmpaidRs.16lacsforpurchaseofabusinesswithmachineryworthRs.10
lacsand
otherassetsworthRs.4lacs.InthiscasethedifferenceofRs.2lacsis
treatedas
a)P&LLossonpurchaseofasset
b)GoodwillIntangibleAsset
c)FixedAssetbyinflatingthevalueoffixedasset
d)CurrentAssetbyinflatingthevalueofcurrentasset
23.IfasumofRs10,000/accumulatestoRs16,000/after3yearsatsimpleInterest
,whatistherateofInterest.
a)16%
b)25%
c)23%
d)20%
24.TheNetWorkingCapitalrefersto
a)Liquidsurplus
b)BorrowersContributionsfromlongtermsourcetoshorttermuse
c)ExcessCurrentAssetoverCurrentLiability
d)Alltheabove.

25.Thedurationofanoperatingcyclein30days.Theoperatingcycleinthiscase
repeats.timesayear
a)30times
b)12times
c)10times
d)52times
26.Thefollowingisnotachargeablecurrentassets
a)Bookdebt
b)Spares
c)Workinprocess
d)Constructionworkinprogress
27.AsperRBIguidelines,abankisrequiredtoassesstheworkingcapitalonthe
basisofthefollowingmethod
a)TurnoverMethod
b)CashBudgetMethod
c)MPBFofTandonMethod
d)AnyMethodasdecidedbytheindividualbanks
28.AspertheSecondmethodoflendingtheborrowerscontributionfromlongterm

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source
a)isminimum25%oftotalcurrentassets
b)isrestrictedto25%ofworkingcapitalgap
c)is25%ofothercurrentliabilities
d)anyamountwhichtheunitcanbring
29. TotalCurrentAssetofaunitisRs.300lacs.OtherCurrentLiabilitiesisRs.200
lacs.TheMPBFasperIstMethod&2ndmethodcanbe
a)75and25lacs
b)25lacsand75lacs
c)Rs.100lacs&Rs.150lacs
d)Rs.20lacs&Rs.80lacs
30.Aborrowerneednotbringanymatchingcontributionfromlongtermsourcesin
respectof
a)ExportReceivables
b)Finishedgoodsproducedforaspecificexportorder
c)Adhoclimits
d)A&B
31 A Company makes a single product with a sales price of Rs.10/ and a
marginalcostof
Rs.6/.FixedCostareRs.60000/p.a.Inthiscase,
Numberofunitsatbreakeven
a)15000
b)10000
c)6000
d)noneoftheabove.
32.Intheaboveproblem,ProfitVolumeRatio
a)30%
b)40%
c)50%
d)60%

33.Thelongtermuseis120%oflongtermsource.Thisindicatestheunithas
a)CR1.2
b)NegativeTNW
c)LowCapital
d)NegativeNWC
34.TangibleNetworthiscomputedby
a)TotalTangibleAssetlessoutsideliabilities
b)Capital,freereserves&surpluslessIntangibleAsset
c)NetworthlessIntangibleAsset
d)Alltheabove.
35. A company has a networth of Rs.5 lacs.Term liability Rs.10 lacs, Fixed Asset of
Rs.16 lacs and Current Asset Rs.25 lacs.There is no intangible asset or ONCA.
It'snetworkingcapitalis
a)Rs.10lakhs
b)Rs.1lakh
c)Rs.9lakh
d)Rs.()1lakh
36.Financialleveragemeans
a)useleveragedleasetoplantaxliability
b)Highdegreeofsolvency
c)Lawbankfinance
d)Useofmoredebtcapitaltoincreaseprofit.
37.Diversionmeans
a)Diversifyingtoactivitiesnotrelatedtomainbusiness
b)Retrenchingemployees
c)UseofCurrentAssetsforpaymentofTermLiability

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d)UseofCurrentLiabilitiesforlongtermuse
Examinethefollowingbalancesheettoanswerthequestionthereafter:
LiabilityAsset
EquityCapital200GrossBlock1000
Less:Dep200

PreferenceShareCapital100NetBlock
800
Termloan600Inventory
300
BankOverdraft400InvestmentinGovt.security
50
SundryCreditors100Preliminaryexpenses
100
Receivables
150

1400
1400

38.CapitalGearingRatio
a)0.78
b)1.20
c)0.67
d)0.87
39.DebtEquityRatiois
a)2:1
b)3:1
c)4:1
d)1:1
40.TotalOutsideLiability/TNW
a)3.67:1
b)5.50:1
c)12:1
d)6:1
41.Networkingcapital
a)100
b)NIL
c)200
d)Cannotbecalculated
42.QuickRatio
a)0.4:1
b)2.1:1
c)1.5:1
d)1:1
43.TotalTangibleAsset
a)1400
b)1300
c)1500
d)1600
44.OpeningstockofrawmaterialisRs.30lacs,closingstockisRs.50lacs.Annual
purchase is Rs.500 lacs. What is the average period of holding of Raw
Materials?
a)2M
b)1.5M
c)1M
d)NOA

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45.HoldingperiodofReceivablesiscalculatedwithreferenceto
a)CostofSales
b)CostofProduction
c)GrossSales
d)NOA.
46.CreditorsVelocityexpressesthe
a)Maximumperiodforwhichcreditisgiven
b)Averageperiodofcreditenjoyed
c)Minimumperiodofcreditgiven
d)Minimumperiodforwhichcreditenjoyed.
47.ThefollowingisaMeansofFinanceforthecostofproject
a)Leasing
b)Subsidy
c)DeferredCreditfromSuppliers
d)Alltheabove.
48.ForalargeandmediumunitsDSCRshouldbe
a)Maximum2:1(b)Maximum1.5:1
c)Minimum2:1(d)Minimum1.5:1
49.VariableCostandSalePriceremainingthesame,ariseinfixedcostresultin
a)HighBEP(HighBreakevenpoint)
b)LowBEP
c)HighMarginofSafety
d)B&C
50.WhatistheformulaforchargingcompoundinterestwithAnnualCompounding.
a)I=Pnr
b)P+I
c)A=P(1+r)n
d)Anyofthe3
51.Whatistheminimumperiodtobeallowedtodraweetodecideonacceptance/
rejectionsof
ausancebill
a)2Days
b)48Hours
c)48Hrsincludingpublicholidays
d)48hrsexcludingpublicholidays
52.RameshdepositedRs10,000/for3years.TheInterestiscompoundedannually
at 10% . What will be the amount receivable by Ramesh at the end of 3 year
period.
a)13,310
b)13,000
c)12,000
d)13,300
53. While calculating the value of(1+.10)3 (to the power of 3) the same can be
calculated
a)manually
b)usingcalculator
c)usingMSExcel
d)alltheabove
54.Annuitiesare
a)Theannualinterestpayableorreceivableinadebtoraninvestment.
b)Lumpsumpaymentmadeanytimeduringthecourseofafixedperiodof
time.
c)Thetotalamountpayableannuallyinrespectofadebtorinvestment
d) Seriesofpayments(manynumberofcashflows)madeataspecified
frequencyoverthecourseofafixedperiodoftime
55.AnAnnuityisanordinaryAnnuityif,

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a)Paymentsarerequiredtobemadeatthebeginningofeachperiod.
b)Paymentsarerequiredtobemadeatthemiddleofeachperiod
c)Paymentsarerequiredtobemadeatordinaryinstallments
d)Paymentsarerequiredtobemadeattheendofeachperiod.
56.TheMarineInsurancePolicyshouldbeexpressedin
a)Rupees
b)USDollars
c)SameCurrencyinwhichtheLCisdrawn
d)Anyforeigncurrency.
57. The discount rate which equals the present value of promised flow to the
currentmarket
price/purchaseprice.Thisisknownas
a)Yieldtomaturity
b)NPV
c)IRR
d)Treasurybills
58.Thevaluewhichthebondholdergetsonmaturityiscalled
a)Maturityvalue
b)NAV
c)theredemptionvalue
d)IRR
59.Thisistheamountbywhichanassetisexpectedtoloseitsvalue.Whatisthis
a)Marketvalue
b)Wearandtear
c)Depreciation
d)NAP
60.EEFCcanbeopenedin
a)Rupees
b)Anyoneofthefourdesignatedcurrencies
c)Oneofthepermittedcurrencies
d)AMUS
61.Amethodofcalculatingdepreciationofanasset,whichassumesthattheasset
willloseanequalamountofvalueeachyearisknownas
a)Salvagevalue
b)Depreciation
c)StraightlineMethodofcalculation
d)AccumulatedDepreciation
62. A credit facility will be classified as NPA if remains past due for one
quarter
a)Interest
b)Instalment
c)AorB
d)A&B
63.AsperPrudentialAccountingNormsprescribedbyRBI,assetsareclassifiedinto
type
a)3
b)8
c)4
d)5
64.ThehomecurrencypriceofoneunitofaforeigncurrencyisquotedegUSD1
=Rs43.20
a)Indirectquotation
b)Exchangerate
c)RateofUSD
d)Directquotation

65. If the rate of a currency A is known in terms of currency B and rate of

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CurrencyBintermsofCurrencyC,wecanderivetherateofcurrencyAinterms
ofCurrencyCusingthetechniqueofcrosscurrency.
a)Exchangerate
b)Crossrate
c)Forwardrate
d)Noneoftheabove
66.AsperNABARDguidelinestheminimumInternalRateofReturnforAgricultural
Projectis
a)15%
b)25%
c)30%
d)18%
67.IncaseofDirectquotationiftheforwardrateismorethanspotratethebase
currencyiscalledasbeingat
a)Discount
b)Forwardrate
c)Spotrate
d)Premium
68.Anoperationbywhichonecanmakeriskfreeprofitsmakinguseoftheinterest
differentialsbetweentwoplacesiscalled.

a)Openmarketoperation
b)Profitability
c)Freemarket
d)Arbitrage
69.Iftheforwardrateislessthanthespotratethebasecurrencyissaidtobeat
a)Discount
b)Premium
c)Atpar
d)Noneoftheabove.
70.Theamountwhichtheownerofthebusinesshasinvestedinthefirmandcan
claimfromthefirmisknownas
a)Capital
b)Loan
c)TermLoan
d)FixedAsset.
71.Theamountwhichthefirmowetooutsiders
a)Assets
b)Capital
c)Liabilities
d)Intangibleassets
72. A person who owes money to a firm , mostly on account of credit sales of
goodsiscalled.
a)Creditor
b)Debtor
c)Borrower
d)lender
73. The balance sheet represents an expansion of the equation as Assets =
Liabilities+CapitalThisstatementis
a)Cannotberelied
b)false
c)Notacceptable
d)True
74.Assetsminusoriginalcapital=Liability
a)Trueb)False
c)canbeacceptedd)Noneoftheabove.

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75.Ifafirmborrowsmoneyitscapitalwouldbereduced
a)Thisstatementisfalse
b)Thisstatementistrue
c)Thesameisacceptable
d)Noneoftheabove
76. is the value of an established business over and above the value
representedbyitstangibleassets.
a)Assets
b)Liabilities
c)Goodwill
d)Noneoftheabove.
77.Ifthepartnershipdoesnotmentionanymethodofmaintainingcapitalaccount
thenmethodofcapitalhastobeused.
a)Fluctuatingcapitalaccount
b)PartnersCurrentaccount
c)Capitalaccount
d)Fixedcapitalaccount
78.Thejoiningofanewpersonintotheexistingpartnershipasapartneriscalled
a)Retirementofapartner
b)Resolutionofapartnership
c)Goodwill
d)Admissionofapartner
79.Underthecapitalmethodtwoaccountsaremaintainedforeachpartner
vizcurrentaccountandcapitalaccount.
a)FixedCapitalMethod
b)Fluctuatingcapitalmethod
c)EquitycapitalMethod
d)Preferencesharecapital
80.AspernewguidelinesbothSLRandnonSLRsecuritiesaretobeclassifiedinto

a)Heldtomaturity.
b)Availableforsale
c)Heldfortrading
d)Alltheabove.

81.AmountofInvestmentunderSecuritiesheldtomaturityshouldnotexceed
ofBankstotalinvestment
a) Twenty percentage of the Banks total investment (20% of total
investment)
b) TwentyfivepercentageoftheBankstotalinvestment(25%oftotal
investment)
c) fortyninepercentage of the Banks total investment (49% of total
investment)
d) forty percentage of the Banks total investment (40 % of total
investment)
82.TheformofBalancesheetandProfitandlossaccountofaBankingCompanyis
prescribedinformsAandBofscheduleoftheBankingRegulationAct
1949.
a)Second
b)Third
c)First
d)Fourth
83.TheCompaniesActprohibitsissueofanypreferencesharethatis
a)cumulative
b)redeemable
c)bothaandb

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d)Irredeemable
84.ThecapitalwhichisstatedintheMemorandumofAssociationisknownas
a)MemorandumCapital
b)Paidupcapital
c)Authorisedcapital
d)Issuedcapital
85.Authorisedcapitalisalsoknownas
a)NominalorRegisteredCapital
b)Equitycapital
c)Preferencesharecapital
d)Alltheabove
86. When shares are issued at higher than the face value of the shares they are
saidtobeissuedata
a)Discountb)Parc)Premium
e)Noneoftheabove
87.Issueofsharesatadiscountshouldbeauthorizedbythemembersbypassing
aresolution
inthegeneralmeetingandresolutionofmembersshouldspecifytherateof
discount
whichshouldnotexceed10%ofthefacevalueofthesharesFurtherthisis
subjectto
a)ObtentionofsanctionfromCompanyLawBoard
b)Thesesharesmustbeissuedwithin2months
c)Both(a)and(b)
d)Noneoftheabove
88.Accordingtosection79AinsertedbyCompaniesAmendmentAct1999
shares
means equity shares issued by the company to employees or directors at a
discountor
forconsiderationotherthancashforprovidingknowhowormakingavailable
rightinthe
intellectualpropertyrightsorvalueaddition,bywhatevernamecalled.
a)Employeesstockoption
b)Equityshares
c)Sweatequity
d)Noneoftheabove.
89.Aschemeunderwhichthecompanygrantsoption(Arightbutnotanobligation
)toan
employee to apply for shares of the company at a pre determined price is
knownas
a)EmployeesStockOptionScheme(ESOS)
b)Equityshares
c)SweatEquity
d)Noneoftheabove.
90. The formation of a company is governed by the rules and regulations as
containedin
a)IndianCompaniesAct
b)RBIact
c)BRAct
d)Noneoftheabove.
91.ProfitandLossAccountisoneoftheFinalAccountspreparedbyaCompany.
Whatisthe
otherone.
a)SchedulestoP&Laccounts
b)Balancesheet
c)TradingAccount
d)Noneoftheabove.
92.Liabilitiesthatwillariseonthehappeningofcertainevent

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a)Currentliabilities
b)TermLiabilities
c)ContingentLiabilities
d)Noneoftheabove

93.ScheduleVIoftheCompaniesActprescribestheformof
a)Balancesheet
b)TradingAccount
c)Balancesheet
d)Noneoftheabove.
94. A computer Accounting system runs based on a set of instructions called the
software
programmes developed by a person who is a computer software professional
andheis
called
a)Programmer
b)SoftwareEngineer
c)ITman
d)Noneoftheabove.
95. Accounting software may be written in any one of the computer languages
suchas
a)Windows,UNIXetc
b)JAVAC+etc
c)COBOL,Foxproetc
d)Noneoftheabove.

96.Computersarebasicallyclassifiedinto
a)AnalogueComputersandDigitalcomputers
b)Hardwareandsoftware
c)WiproandInfosysis
d)Alltheabove
97.ACustomerServiceMeetshouldbeorganizedateveryBranch
a)OnceinaFortnight
b)OnceinaQuarter
c)OnceinaMonth
d)OnceinaHalfYear
98.WhocannotfileacomplaintunderConsumerProtectionAct?
a)Banks
b)StateGovernment
c)PublicInterestLitigationGroup
d)Personsreceivingservicesfreeofcharge
99.BankingOmbudsmanisappointedby
a)CentralGovernment/MinistryofFinance
b)StateGovernment
c)IDBI
d)RBI
100.DRThasjurisdictionrelatingtocasespertainingtoBanks,FinancialInstitutions
withdebt
amountof
a)Rs.1lakhandabove
b)Rs.5lakhandabove
c)Rs.10lakhandabove
d)Rs.20lakhandabove

ANSWERS
1)b2)d3)b4)b5)c6)b

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7)d8)b9)b10)d11)a12)a
13)d14)b15)d16)b17)c18)d
19)c20)d21)a22)b23)d24)d
25)b26)d27)d28)a29)a30)a
31)a32)b33)d34)d35)d36)d
37)d38)a39)b40)b41)b42)a
43)b44)c45)c46)b47)d48)c
49)a50)c51)d52)a53)b54)d
55)d56)c57)a58)c59)c60)c
61)c62)c63)c64)d65)b66)
a
67)d68)d69)a70)a71)c72)b
73)d74)b75)a76)c77)d78)d
79)a80)d81)b82)b83)d84)c
85)a86)c87)c88)c89)a90)a
91)b92)c93)a94)a95)c96)a
97)d98)d99)d100)c

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