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F.Y.B.COM ( MCQ PART 2 )
150+ Importance ECONOMICS MCQ PDF
51) The commission allowed by consigner to the consignee
to bear the bad debts on account of credit sales is called
a) Normal commission
b) Over-riding commission
c) Del- credere commission
d) None of these
ANS: C
52) Unless otherwise agreed ,del – credere is allowed on
a) Cash sales
b) Gross credit sales
c) Net credit sales
d) Net sales
ANS: D
53) On receipt of goods the consignee debit which Of these
accounts
a) Purchase account
b) Goods account
c) Consignors account
d) None of these
ANS: D
54) Goods sent on consignment account is of the nature of
a) Personal account
b) Real account
c) Nominal account
d) Sales account
ANS: B
55) Out of the given option which cannot be treated as part of cost of
purchase for valuing stock on hand
a) Packing
b) Octroi
c) Delivery charges
d) Freight
ANS: C
56) The consignment accounting is made on the following basis
a) Accrual basis
b) Realization basis
c) Cash basis
d) All of above
ANS: A
57) Which of these account are not opened in the books of consignor ?
a) Consignment account
b) Commission account
c) Goods send on consignment account
d) Consignee personal account
ANS: B
58) For recoding closing stock held by consignee which account must be
debited
a) Consignment stock account
b) Sales account
c) consignment account
d) Consignee account
ANS: A
59) A proforma invoice sent by
a) Consignee to consignor
b) Consignor to consignee
c) Debtor to consignee
d) Debtor to consignor
ANS: B
60) Commission will be shared by
a) Consignor and consignee
b) Only consignee
c) Only consignor
d) Consumer
ANS: B
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61) Ho at Mumbai keeps a single ‘pune branch account which is used to
record all items relating to the branch.
a) Pune branch is an independent branch whose
accounts are kept under the ‘debtors’ method
b) Pune branch is an dependent branch whose
accounts are kept under the ‘debtors’ method
c) Pune branch is an dependent branch whose
accounts are kept under the ‘stock and debtors’ method
d) None of the above
ANS: D
62) The ho sends goods to its branch at a loading of 20% on cost.
a) The loading is 25% of sales
b) The loading is 1/6th of sales
c) The loading is 1/3rd of sales
d) None of the above
ANS: B
63) The ho sends goods to its branch at a loading of 20% on cost.
a) The loading is 50% of cost
b) The loading is 1/4th of cost
c) The loading is 1/3rd of cost
d) The loading is 20% of cost
ANS: C
64) The following entry is passed for a dependent branch at pune following
the ‘debtor’ method-goods sent to pune branch
a/c
dr.
To pune branch A/c
This entry may indicates
a) Goods returned to HO by the pune branch
b) Goods returned to HO directly by the pune branch
customers
c) Goods sent by pune branch to another branch
d) All the above
ANS: D
65) Under the ‘debtor’ method , closing balance in the branch account
indicates
a) Amount doe from the branch
b) Closing stock at the branch
c) Amount or loss at the branch
d) None of the above
ANS: C
66) Under the ‘debtor’ method, closing balance in the goods sent to branch
account
a) Indicates the closing stock at branch
b) Indicates gross profit/loss at the branch
c) Is transferred to purchases/trading account
d) Indicates the amount due from the branch debtors
ANS: C
67) Branch account under debtors system is a
a) Real account
b) Nominal account
c) Personal account
d) Representative personal account
ANS: B
68) Branch account under stock and debtors system is a
a) Real account
b) Nominal account
c) Personal account
d) Representative personal account
ANS: A
69) When branch ‘A’ sends goods to branch ‘B’ in the books of branch ‘A’
debit is given to
a) Head office account
b) Branch ‘B’ account
c) Sales return account
d) Purchase returns account
ANS: A
70) The cash and credit sales of a branch are $ 5,000 and $ 10,000
respectively. The amount collected from debtors is $ 10,000 under debtors
system the amount credited to branch will be
a) $ 20,000
b) $ 15,000
c) $ 25,000
d) $ 10,000
ANS: B
71) Goods are sent to the branch at 20% margin on selling price. When branch
stocks disclose a surplus of $ 2,000 the amount to be credited to branch
adjustment account will be
a) $ 2,000
b) $ 400
c) $ 333
d) $1,600
ANS: B
72) Depreciation on branch assets under debtors system is
a) Not shown separately in branch account
b) Shown in branch account
c) Not accounted
d) Shown in the profit and loss account of head
office
ANS: A
73) If total stock is $ 50,000; the value of policy is , $ 70,000 and the
entire stock is lost, the claim will be for
a) $ 70,000
b) $ 35,714
c) $ 50,000
d) $ 60,000
ANS: C
74) The balance figure in memorandum trading account prepared by a trader
who has lost goods in fire indicates
a) Gross profit on stock lost
b) Estimated closing stock as on date of fire
c) Value of fire insurance policy
d) Amount of claim to be made from insurance
company
ANS: B
75) On loss of goods by fire, a trader can claim compensation for
a) The cost of actual physical stock destroyed by
fire less salvage, if any
b) The market value of actual physical
stock destroyed by fire
c) The cost of book stock on date of fire
d) The cost of actual physical stock destroyed or
the cost of book stock on date of fire as per stock records whichever is lower
ANS: A
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