Banking Officer Exam Template With Answers Page 19
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29Bank of India Banking Officer Paper – 2017 (Practice Set)
b. Error of commission
117. Accounting standards are prescribed by:
c. Error of ommission
a. Govt. of the country
d. Error of principle
b. Central Bank of the country
c. Professional accounting bodies of the country
121. Firm ABC purchased a new machinery and
expenses incurred on its transportation have been
d. Tax departments of the country
debited to the cartage account. This will affect:
a. Trading & manufacturing account and balance
118. A firm has purchased a patent right from a
sheet
reputed company. This will be treated as:
b. Profit and loss account and balance sheet
a. Real account
c. Only profit and loss account
b. Personal account
d. Only balance sheet
c. Personal account in representative category
d. Nominal account
122. A firm had written off Rs.3000 as a bad debt
of Z and the amount recovered from him later on
has been credited to his account. Rectification of
119. When the credit side of the cash book is
this error will result into:
undercast, it has the same effect as overcasting
of;
a. Decrease in the debtors
a. Credit side of pass book
b. Decrease in the profit
b. Debit side of cash book
c. Decrease in the capital
c. Debit side of pass book
d. Increase in profit leading to increase in capital
d. There is no relationship between two
123. What type of accounts, do appear in the
balance sheet, out of the following:
120. Expenses incurred on wages paid to a labour
a. Real and nominal
of the factory, have been debited to wages
account, while his services have been used for
b. Real and personal
construction of factory building. This is:
c. Personal and nominal
a. Compensating error
Page 19
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