The Capital of the Company is called...............
  • Debenture Capital
  • Preference Capital
  • Share Capital
  • Others
The originator of Double Entry System
  • Lucas Pacioli
  • Marshall
  • Pikles
  • Batliboi
According to the concept of conservation, the stock-in-trade is valued at:
  • Cost Price
  • Market Price
  • Cost or Market which ever is higher
  • Cost or Market which ever is lower
If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........
  • Trading A/c
  • Profit & Loss A/c
  • Assets
  • Liabilities
If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-
  • Rs. 4,40,000
  • Rs. 4,70,000
  • Rs. 4,00,000
  • Rs. 5,00,000
_____ is the excess of the purchase consideration over the net value of assets
  • cash
  • goodwill
  • purchase consideration
  • capital reserve
The person or firm that sells its business to another firm or company is referred to as
  • goodwill
  • capital reserve
  • vendor
  • purchase consideration
Who issues International Financial Reporting Standards?
  • The government
  • The International Accounting Standards Board
  • The stock exchange
  • The IFRS Advisory Committee
What is the role of the IASB?
  • Oversee the standard setting and regulatory process
  • Formulate international financial reporting standards
  • Review defective accounts
  • Control the accountancy profession
The loss on sale of furniture is debited to ........... account
  • Profit and loss
  • Furniture
  • Depriciation
  • Trading
The Hire-vendor has to refund the amounts received after re-possession of goods consequent to default by the buyer
  • True
  • False
When assets are acquired under Hire-purchase system , depreciation need not be provided as the vendor still continues to be the legal owner of such assets
  • True
  • False
There is no difference between instalment purchase and credit sale
  • False
  • True
There is no difference between hire purchase and instalment system
  • True
  • False
Under hire purchase the buyer has the option to return the goods
  • True
  • False
The Hire purchase Act came into force on 1st September, 1973
  • True
  • False
In hire purchase system, the ownership passes immediately to the vendor on down payment
  • True
  • False
Though the instalments of a hire purchase agreement may be equal. The interest element in each instalment is not the same
  • True
  • False
Each instalment including down payment is treated as hire charges by the
  • Buyer
  • Seller
  • None of these
The hire purchaser can record the asset at its
  • Hire purchase price
  • Cash down price
  • None of these
Interest is charged on the amount
  • Outstanding
  • Part
  • None of these
Assets are generally repossessed at actually agreed
  • Value
  • Current price
  • None of these
Under instalment payment system the seller treats the transaction as a
  • Cash sale
  • Credit sale
  • None of these
Depreciation on hire purchased asset is claimed by
  • Hire vendor
  • Hire purchaser
  • Either the hire vendor or the hire purchaser as per the agreement between them
  • No depreciation is claimed till the last instalment is paid/received.
The amount paid at the time of entering the Hire-purchase transaction for the goods purchased is known as
  • Cash price
  • Down payment
  • First Instalment
  • Hire purchase price
The Hire-purchase Act, 1972 was to come into force on
  • 31st Dec, 1972
  • 1st Jan, 1973
  • 1st Sep, 1973
  • None of the above
Under Hire-purchase agreement the buyer agrees to pay
  • Cash price only
  • Interest only
  • Cash price and interest
The hire purchase Act came into force from the year 1972
  • True
  • False
Under instalment payment system, ownership of goods
  • Is transferred at the time of payment of last instalment
  • Is not transferred
  • Is transferred at the time of signing the contract
  • None of the above
The cost of goods sold on hire purchase is transferred to
  • Sales a/c
  • Purchase a/c
  • Hire purchase a/c
  • Instalment a/c
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