FINANCIAL MANAGEMENT
F.Y.B.COM ( MCQ PART 3 )
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150+ Importance ECONOMICS MCQ PDF
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1) Average clause in an insurance policy applies only in case of ______
a) Life-insuranceb) Over-insurance
c) Under-insurance
d) None of the above
2) Which of the following statement is true ?
a) Book stock on date of fire – goods received ,but not included in purchases = stock destroyed by fire
b) Book stock on date of fire + goods received ,but not included in purchases = stock destroyed by fire
c) Book stock on date of fire + goods not received ,but not included in purchases = stock destroyed by fire
d) Book stock on date of fire + goods included in purchases but not received = stock destroyed by fire
3) Which of the following statement is true ?
a) Book stock on date of fire – goods delivered ,but not included in sales = stock destroyed by fire
b) Book stock on date of fire + goods delivered ,but not included in sales = stock destroyed by fire
c) Book stock on date of fire - goods delivered , and but included in sales = stock destroyed by fire
d) Book stock on date of fire - goods included in sales but not delivered = stock destroyed by fire
4) Which of the following statement is true ?
a) Book stock on date of fire + goods lying with others on approval = stock destroyed by fire
b) Book stock on date of fire - goods lying with others on approval = stock destroyed by fire
c) Stock destroyed by fire - goods lying with others on approval = books stock on date of fire
d) None of the above
5) Fire insurance
a) Covers of risk or loss
b) Prevents loss
c) Increases loss
6) In fire insurance compensation is
a) Equal to policy amount
b) Stock on the date of fire
c) Actual loss incurred
7) Salvage refers to
a) Stock destroyed by fire
b) Stock saved from fire
c) Stock moving fire
8) Purchase of furniture should be
a) Added to purchase
b) Deducted to purchase
c) Ignored
9) % of gross profit should be
a) Fluctuating
b) Consistent
c) Increasing
10) Stock for the purpose of claim should be
a) At marginal price
b) At market price
c) At cost
11) Unrecorded sales should be
a) Added to purchase
b) Added to sales
c) Ignored
12) Credit purchase should be ascertained from
a) Total creditors account
b) Total debtors
c) Cash account
13) Total debtors account is prepared to find out
a) Credit sales
b) Cash Purchases
c) Cash sales
14) Abnormal items included in closing stock should be
a) Deducted from closing stock
b) Deducted from purchase
c) Added to sales
15) Salvage is
a) Added stock on the date of fire
b) Deducted from stock on date of fire
c) Ignored for deciding claims
16) Goods sent in consignment are
a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Ignored
a) Equal to policy amount
b) Stock on the date of fire
c) Actual loss incurred
7) Salvage refers to
a) Stock destroyed by fire
b) Stock saved from fire
c) Stock moving fire
8) Purchase of furniture should be
a) Added to purchase
b) Deducted to purchase
c) Ignored
9) % of gross profit should be
a) Fluctuating
b) Consistent
c) Increasing
10) Stock for the purpose of claim should be
a) At marginal price
b) At market price
c) At cost
11) Unrecorded sales should be
a) Added to purchase
b) Added to sales
c) Ignored
12) Credit purchase should be ascertained from
a) Total creditors account
b) Total debtors
c) Cash account
13) Total debtors account is prepared to find out
a) Credit sales
b) Cash Purchases
c) Cash sales
14) Abnormal items included in closing stock should be
a) Deducted from closing stock
b) Deducted from purchase
c) Added to sales
15) Salvage is
a) Added stock on the date of fire
b) Deducted from stock on date of fire
c) Ignored for deciding claims
16) Goods sent in consignment are
a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Ignored
17) Goods sent approval is
a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Deducted form sales
18) Carriage on purchase should be
a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Deducted form sales
19) Unrecorded purchase should be
a) Added to sales
b) Added to purchase
c) Ignored
20) Misappropriated cash sales should be
a) Added to sales account
b) Added to purchase
c) Added
21) The main objective of the average clause is to
a) Encourage full insurance
b) Encourage under insurance
c) Discourage full insurance
d) None of there
22) In case of average clause the loss is suffered by both the insurer and the insured
a) In the ratio of risk covered
b) In equal ratio
c) Only by insurer
d) None of these
23) The value of closing stock on the date of fire stock can be ascertained by preparing a
a) Trading A/C
b) Memorandum trading A/C
c) Memorandum P&L A/C
d) None of these
24) To lodge claim for the loss of stock by fire, the value of_______ on the date of fire has to be estimated.
a) Opening stock in trade
b) Closing stock in trade
c) Sales
d) Claim
25) A fire insurance policy usually includes an_______ to discourage the under insurance of stock or any asset.
a) Average clause
b) Weighted clause
c) Closing stock
d) None of these
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a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Deducted form sales
18) Carriage on purchase should be
a) Debited to memorandum trading account
b) Credited to memorandum trading account
c) Deducted form sales
19) Unrecorded purchase should be
a) Added to sales
b) Added to purchase
c) Ignored
20) Misappropriated cash sales should be
a) Added to sales account
b) Added to purchase
c) Added
21) The main objective of the average clause is to
a) Encourage full insurance
b) Encourage under insurance
c) Discourage full insurance
d) None of there
22) In case of average clause the loss is suffered by both the insurer and the insured
a) In the ratio of risk covered
b) In equal ratio
c) Only by insurer
d) None of these
23) The value of closing stock on the date of fire stock can be ascertained by preparing a
a) Trading A/C
b) Memorandum trading A/C
c) Memorandum P&L A/C
d) None of these
24) To lodge claim for the loss of stock by fire, the value of_______ on the date of fire has to be estimated.
a) Opening stock in trade
b) Closing stock in trade
c) Sales
d) Claim
25) A fire insurance policy usually includes an_______ to discourage the under insurance of stock or any asset.
a) Average clause
b) Weighted clause
c) Closing stock
d) None of these
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