In the competitive world of professional banking, passing the JAIIB AFM exam is an important milestone for the career development of banking and financial sector employees. AFM is the third paper of JAIIB. This subject is designed to equip banking professionals with a detailed understanding of accounting and financial concepts related to the banking industry. JAIIB AFM paper cannot be passed without practicing questions as it provides in-depth knowledge of all the subjects. In this post, we have provided JAIIB AFM Memory Based Questions.
JAIIB AFM Memory Based Questions
JAIIB AFM Memory Based Questions Free PDF is an important step towards achieving professional goals for a candidate. JAIIB AFM Asked Questions free PDF provide candidates a valuable tool to refine their preparation strategy, gain confidence and excel in the examination. To help candidates prepare for the exam, we have compiled JAIIB AFM Memory Based Recollected Questions based on JAIIB AFM Exam 2024 for October-November session. By practicing these questions, candidates can improve their time management skills, enhance their problem-solving abilities and boost their confidence levels.
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Download JAIIB AFM Previous Year Questions PDF
JAIIB AFM previous year questions help the candidates to have a strong hold on the topics asked in the exam. JAIIB previous year questions of AFM are compiled for both sessions of the examination conducted in a year. For the candidates, we have also provided some questions for practice so that the banking and financial sector employees can get an idea of ​​the level and type of questions asked in the JAIIB AFM exam.
JAIIB AFM Questions for Practice
Guidelines (Q1-3)
XYZ Limited is a manufacturing company which has been in operation for the last five years. Company assets include plant and machinery, furniture and fixtures, and it follows the straight-line method of depreciation. The company has the following assets with their respective original costs and estimated useful lives for the year 2022-2023:
Asset – Original Cost Estimated Useful Life
Plant and Machinery – ₹50,00,000 10 years
Furniture – ₹5,00,000 5 years
Fixtures – ₹2,00,000 2 years
The Company has had the following transactions during the current financial year:
(i) The company purchased a new plant and machinery on 1 April 2022 for ₹10,00,000.
(ii) The company sold old plant and machinery costing ₹10,00,000 on 1 July 2022 for ₹2,00,000.
Answer the following questions based on the above information:
Q1. What is the annual depreciation expense for plant and machinery?
- ₹5,00,000
- ₹4,50,000
- ₹5,50,000
- ₹4,00,000
S1. Year. (Is)
Q2. What is the total depreciation expense of furniture for the financial year 2024-25?
- ₹5,00,000
- ₹2,00,000
- ₹1,00,000
- ₹3,00,000
S2. Answer. (D)
Q3. What is the net book value of plant and machinery as on 31 March 2023?
- ₹40,00,000
- ₹33,75,000
- ₹45,50,000
- ₹38,25,000
S3. year(b)
Q4. What is the purpose of control and reconciliation of supporting records in branch level accounting, and what is the main challenge that persists even with computerization?
- The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all subsidiary account balances match the control account balances in the general ledger. The main challenge even with computerization is to resolve outstanding entries in suspense and miscellaneous deposit accounts.
- The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all subsidiary account balances match the control account balances in the general ledger. The main challenge that remains even with computerization is the balancing of the books of account.
- The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all subsidiary account balances match the control account balances in the general ledger. The main challenge that persists even with computerization is to identify the errors made while making posting/balance calculations, writing totals in the day book or posting to the GL control account.
- The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all subsidiary account balances match the control account balances in the general ledger. The main challenge even with computerization is to reconcile the entries in the various deposit accounts.
S4. Year. (Is)
Most important questions for JAIIB AFM
JAIIB AFM FAQ Features
JAIIB AFM Memory Based Questions are beneficial for the candidates as it has the following features.
- Questions from various topics and subtopics of AFM
- Excellent resource to provide exam environment
- priority of subjects
- self assessment
- increasing conceptual clarity
