General knowledge is of special importance in competitive examinations, in which most of the questions related to account and finance are asked in the banking section. Nowadays there is a lot of competition in the job market, so in SSC, banking, railway, UPSC etc exams, you need to be well prepared to get success. Apart from this, sometimes questions related to GK are also asked by the officials in the final phase of the examination, so studying and practicing these questions is very important. Here this section will give you a list of basic questions on account and finance along with helping you in your preparation.
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Accounting and Finance Questions and Answers are two closely related fields that play a critical role in managing the financial aspects of businesses and organizations. Accounting involves systematically recording, summarizing, and reporting financial transactions,
Accounting is an evergreen profession, with a uniform demand for skilled accountants across different domains. It may be an excellent career option for those with a flair for numbers and spreadsheets. To grow in your career as an accountant, you'd have to have a solid understanding of the principles of finance, accountancy, and other related topics.
The value of exports to be added and the value of imports to be subtracted
true
Correct
Wrong
2
The value of exports to be subtracted and the value of imports to be added
false
Correct
Wrong
3
The value of both exports and imports to be added
false
Correct
Wrong
4
Thevalue of both exports and imports to be subtracted
false
Correct
Wrong
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Answer : 1
The value of exports to be added and the value of imports to be subtracted
Explanation :
National Income of a country can be defined as the total market value of all final goods and services produced in the economy in a year. In expenditure method, the National Income is measured by adding up the four flows, - namely C, I, G, X and M.
Income method measures National Income from the side of payments made to the primary factor of production for their productive services in an accounting year.
The components of factor income are (i) Employee’s Compensation, (ii) Profit, (iii) Rent, (iv) Interest, (v) Mixed income and (vi) Royalty.
Profit, rent, interest and other mixed income are jointly known as operating surplus.
The difference between Gross National Product and Depreciation is called Net National Product (NNP). NNP at factor cost is the net output evaluated at factor prices. It includes income earned by factor of production through participation in the production process, such as wages and salaries, rents, profits etc.
It is also called National Income. NNPFC = NNPmp – Indirect taxes
+ Subsidies = National Income. But now NNPMP is National Income
In India, on the one hand, Per Capita Income is low and on the other hand, there is large inequality in the distribution of wealth and income, according to Human Development Reports. Lack of opportunity means that its most valuable assets its people is not being fully used. It is appropriate reason of income gap.
The average income of the people of a country in a particular year is called Per Capita Income for that year. So, it is National Income divided by population.
Per Capita Income
= National Income/Total population of the country
Though Per Capita Income is more reliable than GNP for many particular purpose.
Accounts and Finance GK Questions 
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