Call money market deals in loans for a maximum period of: MCQ with Answer and Explanation

Question
Call money market deals in loans for a maximum period of:
A. 1 year
B. 24 hours only
C. 1 day to 14 days
D. 5 years
Answer: Option C
Solution (By JKSSB Mock Tests)
Call money refers to overnight loans, while notice money covers loans from 2 to 14 days, generally used for inter-bank transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'GST Council' decisions require how much majority?
A. Unanimous
B. Three-fourths of weighted votes
C. Simple majority of members present
D. Two-thirds majority
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Correct Answer: Option B

Explanation:
As per Article 279A, decisions are by majority of not less than three-fourths of weighted votes of members present and voting, with Union's weight one-third and states' two-thirds.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Faceless Appeal' scheme under income tax was introduced by:
A. Finance Act, 2020
B. Finance Act, 2021
C. Finance Act, 2019
D. Finance Act, 2018
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Correct Answer: Option A

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
If a cheque of Rs 1,000 is issued but recorded in the cash column of the Cash Book instead of the bank column, what is the effect on the bank balance?
A. Bank balance in Cash Book is understated by Rs 1,000
B. No effect on any balance
C. Bank balance in Cash Book is overstated by Rs 1,000
D. Cash balance is overstated
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Correct Answer: Option C

Explanation:
Since the bank column was not reduced (credited), the bank balance as per the Cash Book remains artificially high (overstated).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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