JAIIB AFM Memory Based Questions, Download AFM Questions PDF

In the competitive world of professional banking, cracking the JAIIB AFM exam is a significant milestone for the career growth of banking and financial sector employees. AFM is the 3rd Paper of JAIIB. The subject is designed to equip banking professionals with a detailed understanding of accounting and financial concepts relevant to the banking industry. JAIIB AFM Paper cannot be qualified without practicing the questions as it provides a deep knowledge of all the topics. In this post, we have provided JAIIB AFM Memory Based Questions.

JAIIB AFM Memory Based Questions

JAIIB AFM Memory Based Questions Free PDF is a stepping stone towards achieving professional goals for an aspirant. The free PDFs of JAIIB AFM Asked Questions provide a valuable tool for aspirants to refine their preparation strategy, gain confidence, and excel in the examination. To help candidates in their preparation for the exam, we have compiled the JAIIB AFM Memory Based Recollected Questions on the basis of JAIIB AFM Exam 2024 for October-November session. By practicing these questions, aspirants can improve their time management skills, enhance their problem-solving abilities, and boost their confidence level.

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JAIIB AFM Previous Year Questions Download PDF

JAIIB AFM Previous Year Questions help candidates to have a strong command of the topics asked in the examination. JAIIB Previous Year Questions of AFM have been compiled for both sessions of exam conducted in a year. For the sake of aspirants, we have also provided some questions for practice so that the banking and financial sector employees can get an idea of the level and types of questions asked in the JAIIB AFM Exam.

JAIIB AFM Questions For Practice

Directions (Q1-3)

XYZ Ltd. is a manufacturing company that has been in operation for the past five years. The company’s 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 the following transactions during the current financial year:

(i) The company purchased a new plant and machinery for ₹10,00,000 on 1st April 2022.

(ii) The company sold the old plant and machinery costing ₹10,00,000 for ₹2,00,000 on 1st July 2022.

Based on the above information, answer the following questions:

Q1. What is the annual depreciation expense for plant and machinery?

• ₹5,00,000
• ₹4,50,000
• ₹5,50,000
• ₹4,00,000

S1. Ans. (a)

Q2. What is the total depreciation expense for the furniture for the financial year 2024-25?

1. ₹5,00,000
2. ₹2,00,000
3. ₹1,00,000
4. ₹3,00,000

S2. Ans. (d)

Q3. What is the net book value of plant and machinery as of 31st March 2023?

• ₹40,00,000
• ₹33,75,000
• ₹45,50,000
• ₹38,25,000

S3. Ans (b)

Q4. What is the purpose of reconciling control and subsidiary records in the branch level accountancy, 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 the subsidiary ledger balances match the control account balance in the general ledger. The main challenge that persists even with computerization is the reconciliation of outstanding entries in the suspense and sundry deposit accounts.
• The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all the subsidiary ledger balances match the control account balance in the general ledger. The main challenge that persists 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 the subsidiary ledger balances match the control account balance in the general ledger. The main challenge that persists even with computerization is the identification of errors committed in posting/balance calculation, writing in the day book or in total, or while posting in the GL control account.
• The purpose of reconciling control and subsidiary records in branch-level accountancy is to ensure that all the subsidiary ledger balances match the control account balance in the general ledger. The main challenge that persists even with computerization is the reconciliation of entries in the sundry deposits account.

S4. Ans. (a)

Most Important Questions for JAIIB AFM

JAIIB AFM Asked Questions Features

JAIIB AFM Memory Based Questions is beneficial for candidates as it has the following features.

• Questions from various topics and subtopics of AFM
• Excellent resource for providing the exam environment
• Prioritization Of Topics
• Self-Assessment
• Enhancing Conceptual Clarity