Mastering Current Accounts and Cheque Transactions in Business
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Questions and Answers

Which type of business transaction is settled by cheques?

  • Online transactions
  • Cash transactions
  • Credit transactions
  • Business transactions (correct)
  • What does a businessman maintain with banks for the purpose of business transactions through cheques?

  • Loan account
  • Fixed deposit account
  • Savings account
  • Current account (correct)
  • Why does a current account facilitate business transactions in a smoother way than cash?

  • No need to deposit cheques
  • Faster transaction speed
  • Higher interest rates
  • No need to carry cash (correct)
  • What does a bank issue to a businessman when he opens a current account?

    <p>Cheque book and pass book</p> Signup and view all the answers

    Which financial statement provides a summary of an organization's financial balances as of a specific date?

    <p>Balance sheet</p> Signup and view all the answers

    What are the two main categories listed on a standard company balance sheet?

    <p>Assets and liabilities</p> Signup and view all the answers

    Which financial statement applies to a single point in time of a business's calendar year?

    <p>Balance sheet</p> Signup and view all the answers

    What is another name for a balance sheet?

    <p>Statement of financial position</p> Signup and view all the answers

    Which financial statement is often described as a 'snapshot of a company's financial condition'?

    <p>Balance sheet</p> Signup and view all the answers

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