FINAL ACCOUNTS OF BANKING COMPANIES
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary legislation governing the preparation of final accounts by banking companies in India?
The Banking Regulation Act, 1949 governs the preparation of final accounts by banking companies, along with the Companies Act, 2013 and guidelines issued by the Reserve Bank of India.
Which authority must approve the final accounts of a banking company before publication?
Board of Directors must approve before publication.
In which form must a banking company prepare its Balance Sheet as per the Banking Regulation Act, 1949?
A banking company must prepare its Balance Sheet in Form A as specified in the Third Schedule to the Banking Regulation Act, 1949.
Under which Schedule of the Banking Regulation Act are the forms for bank final accounts prescribed?
Third Schedule of the Banking Regulation Act, 1949.
In which form must a banking company prepare its Profit and Loss Account as per the Banking Regulation Act, 1949?
A banking company must prepare its Profit and Loss Account in Form B as specified in the Third Schedule to the Banking Regulation Act, 1949.
What does Schedule 2 of a bank's Balance Sheet represent?
Schedule 2 represents Reserves and Surplus of the bank.
What are the main heads under the liabilities side of a bank's Balance Sheet?
The main liability heads are: Capital, Reserves and Surplus, Deposits, Borrowings, Other Liabilities and Provisions.
What does Schedule 3 of a bank's Balance Sheet represent?
Schedule 3 represents Deposits held by the bank.
Video classes for this chapter
More chapters in Module B - Financial Statements and Core Banking Systems
Master the full AFM syllabus
Every chapter of Accounting and Financial Management for Bankers — videos, tests, notes and one-liner decks in one place.