Deck 25: Hire Purchase, Sale of Goods, and Bookkeeping

Question 1

What is transferred to hirer under hire purchase system

A)ownership of asset
B)possession of assets
C)ownership and possession of asset
D)none of these

Answer 1

possession of assets

Question 2

Hire purchase act is

A)1932
B)1956
C)1972
D)1872

Answer 2

1972

Question 3

The sale of goods act is applicable in

A)Credit purchase
B)Cash purchases
C)Cash sales
D)None of these

Answer 3

Cash purchases

Question 4

What is transferred to hirer under installment payment system

A)Ownership of assets
B)Possession of assets
C)ownership and possession of asset
D)none of these

Question 5

Which account is prepared to find out the amount of closing stock

A)head office account
B)branch account
C)memorandum stock account
D)none of these

Question 6

In foreign branch fixed asset shall be converted at

A)opening rate
B)average rate
C)rate of the date of purchase
D)none of these

Question 7

By what rate the balance of head office account is converted in foreign branch

A)opening rate
B)closing rate
C)average rate
D)none of these

Question 8

Excess of asset over liability is called

A)creditors
B)profit
C)capital
D)goodwill

Question 9

Following records are made in single entry system , give correct answer

A)only in cashbook
B)in ledger, posting of personal accounts only
C)records in cashbook and posting of only personal accounts in ledger
D)none of these

Question 10

Meaning of single entry system of book keeping is

A)only one entry for each transaction
B)incomplete double entry system
C)both entries only in accounts
D)none of these

Question 11

Single entry system of book keeping system

A)is best system
B)is scientific system
C)is incomplete system
D)is most popular system

Question 12

The liabilities and assets respectively are rs 87000 and rs 92000.amount of difference will be

A)creditors
B)debentures
C)capital
D)none of these

Question 13

To find out the opening and closing capitals statement of affairs are prepared

A)one
B)two
C)three
D)four

Question 14

In which book the transactions are recorded originally

A)cashbook
B)balance sheet
C)journal
D)subsidiary book

Question 15

Floating asset is known as

A)fixed asset
B)current assets
C)non current assets
D)long term asset

Question 16

As per the cost of concept an asset is recorded at its

A)market cost
B)actual cost
C)normal cost
D)purchase cost

Question 17

The business will continue to operate for an indefinitely long period in the future, unless there is a good evidence to the contrary this assumption is related to

A)cost concept
B)dual aspect concept
C)matching concept
D)none of these

Question 18

Which book the work classification is done

A)trial balance
B)ledger
C)balance sheet
D)Journal

Question 19

A person who owes money to the firm is called

A)Debtors
B)Creditors
C)Owners
D)Bankers

Question 20

Trade mark account is

A)Real account
B)Personal account
C)Nominal account
D)Non personal account

Question 21

Goodwill is a

A)Personal account
B)Nominal account
C)Real account
D)Non personal account

Question 22

Purchase goods from ram this is a

A)Cash purchase
B)Credit purchase
C)Partly cash purchase
D)Bulk purchase

Question 23

Sold machinery worth Rs 10000 to Ramesh.it is entered in the

A)Sales account
B)Cash account
C)Sales return account
D)Machinery account

Question 24

Return outwards book is known as

A)Purchase return journal
B)Sales return book
C)Purchase from outsiders
D)Return inwards