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Free Download as PDF of Financial Accounting Questions with Answers as per exam pattern, to help you in day to day learning. We provide all important questions and answers for all Exam.
49. Under hire purchase system, the risk of loss is borne by _________.
- [A] buyer.
- [B] hirer.
- [C] hire vendor.
- [D] debtor.
Answer: Option [C]
50. Under hire purchase system who has the right of sell __________.
- [A] buyer.
- [B] hirer.
- [C] hire vendor.
- [D] none of the above.
Answer: Option [C]
51. Under hire purchase system, if installment is not paid the hire vendor has right to ___________.
- [A] sell the goods.
- [B] repossession of goods.
- [C] repair the goods
- [D] purchase the goods.
Answer: Option [B]
52. Hire purchase system is governed by ___________.
- [A] Hire Purchase Act 1972.
- [B] Hire Purchase Act 1973.
- [C] Hire Purchase Act 1974.
- [D] none of the above.
Answer: Option [A]
53. Under hire purchase system, the retail price of the articles is called _______
- [A] MRP.
- [B] wholesale price.
- [C] retail price.
- [D] none of the above.
Answer: Option [C]
54. The advance amount under hire purchase system is called __________.
- [A] cash price.
- [B] retail price.
- [C] interest.
- [D] down payment.
Answer: Option [D]
55. If the hire purchaser fails to make payment of any installment, it is called _______.
- [A] default.
- [B] repossession.
- [C] sale.
- [D] purchase.
Answer: Option [A]
56. The hire vendor takes away only a portion of the goods on which there is default of Installments it
is called _________
- [A] repossession .
- [B] partial repossession.
- [C] complete repossession.
- [D] purchase.
Answer: Option [B]
57. In the books of hirer, for payment of installment hire vendor account will be ___________.
- [A] debited.
- [B] credited.
- [C] rectified.
- [D] reversed.
Answer: Option [A]
58. In the books of hirer, for interest due at the end of the year hire vendor account will be _______.
- [A] debited.
- [B] credited.
- [C] rectified.
- [D] reversed.
Answer: Option [B]
59. In the books of hirer, when the asset is repossessed, asset account will be ________.
- [A] debited.
- [B] credited.
- [C] rectified.
- [D] none of the above.
Answer: Option [B]
60. What is depreciation?
- [A] Cost of a fixed asset.
- [B] Cost of a fixed assets repair.
- [C] the residual value of fixed asset.
- [D] Portion of a fixed assets cost consumed during the current accounting period
Answer: Option [D]
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