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Questions and Answers
Which type of business transaction is settled by cheques?
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?
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?
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?
What does a bank issue to a businessman when he opens a current account?
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Which financial statement provides a summary of an organization's financial balances as of a specific date?
Which financial statement provides a summary of an organization's financial balances as of a specific date?
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What are the two main categories listed on a standard company balance sheet?
What are the two main categories listed on a standard company balance sheet?
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Which financial statement applies to a single point in time of a business's calendar year?
Which financial statement applies to a single point in time of a business's calendar year?
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What is another name for a balance sheet?
What is another name for a balance sheet?
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Which financial statement is often described as a 'snapshot of a company's financial condition'?
Which financial statement is often described as a 'snapshot of a company's financial condition'?
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