MASS College of Arts and Science, Chennai Salai, Kallapuliyur Village, Kumbakonam, Thanjavur District - 612501

Department of Commerce,Commerce(CA)

Warm Greetings from the Department of Commerce,Commerce(CA),MASS College of Arts and Science, Chennai Salai, Kallapuliyur Village, Kumbakonam, Thanjavur District - 612501

We are glad to invite the Business aspirants to participate in the two Days online quiz on Financial Accounting

At this imperative time of lockdown, social distancing and quarantine, let us take refuge in reading
Our Department offers this online Financial Accounting Quiz. Let us spare our time and start..

NO REGISTRATION FEES.

E-Certificates will be mailed to all the participants.

Dr.K.Saravanan,Ph.D.,
Principal,
MASS College of Arts and Science,
Kumbakonam - 612 501.

Dr.K.Durgadevi,M.com,M.Phil,Ph.D
Convener,
Head of the Department,
Department of Commerce,
MASS College of Arts and Science,
Kumbakonam - 612 501.

G .Krishnan,M.com,M.Phil,
Co-Convener,
Head of the Department,
Department of Commerce (CA),
MASS College of Arts and Science,
Kumbakonam - 612 501.


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1. When an asset is acquired on hire purchase system, the asset account is debitedwith _______ of the assets in the books of the hire purchaser.
2 points
Clear selection
2. If the firm stops making repayments and the goods or assets are taken awayfrom them as a result, this is known as
2 points
Clear selection
3. Which of the following would not make a distinction between a hire purchaseand a ‘normal’ purchase?
2 points
Clear selection
4. On the balance sheet of a company, the value of the asset bought through hirepurchase will appear as:
2 points
Clear selection
5. The depreciation on an asset purchased through hire purchase should be:
2 points
Clear selection
6. The interest charged on the hire purchase should appear in the profit and lossaccount in what manner?
2 points
Clear selection
7. Ownership of goods under hire purchase agreement is transferred at the time of
2 points
Clear selection
8. Which of the following does not give a difference between a hire purchase anda normal purchase?
2 points
Clear selection
9. The act of buying an asset without having to make full payment in theimmediate future is known as:
2 points
Clear selection
10. The amount of interest is credited by the buyer to……………...
2 points
Clear selection
11. The depreciation in the books of buyer is charged on……………..
2 points
Clear selection
12. Hirer charges depreciation on:
2 points
Clear selection
13. What is transferred to Hirer under hire purchase system :
2 points
Clear selection
14. Hire Purchase Act is passed in the year
2 points
Clear selection
15. The Sale of Goods Act is applicable in:
2 points
Clear selection
16. Under which system, ownership is transferred on payment of final installment
2 points
Clear selection
17. Under hire purchase system the buyer is called _________.
2 points
Clear selection
18. Under hire purchase system who has the right of sell __________.
2 points
Clear selection
19. Under hire purchase system, the agreement can be _________.
2 points
Clear selection
20. Installment system is governed by _______
2 points
Clear selection
21. Under hire purchase system, the retail price of the articles is called ________.
2 points
Clear selection
22. Cash price plus interest is _________.
2 points
Clear selection
23. The advance amount under hire purchase system is called __________.
2 points
Clear selection
24. Under hire purchase system, interest is calculated on _______.
2 points
Clear selection
25. If the hire purchaser fails to make payment of any installment, it is called_______.
2 points
Clear selection
26. If the hire vendor may take away all the goods on which there is default ofinstallment it is called____________.
2 points
Clear selection
27. The hire vendor takes away only a portion of the goods on which there isdefault of Installments it is called _________
2 points
Clear selection
28. In the books of hirer, for payment of installment hire vendor account will be___________.
2 points
Clear selection
29. In the books of hirer, for interest due at the end of the year hire vendor accountwill be _______.
2 points
Clear selection
30. In the books of Hirer, the interest and depreciation account will be transferredto ______.
2 points
Clear selection
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