Top 250+ Solved Financial Accounting 2 MCQ Questions Answer
Q. Under hire purchase system who has the right of sell __________
a. buyer
b. hirer
c. hire vendor
d. debtor
Q. Under hire purchase system, the agreement can be _________
a. renewed
b. registered
c. terminated
d. endorse
Q. Installment system is governed by _______
a. hire purchase act
b. sale of goods act
c. installment act
d. properties registration act
Q. Under hire purchase system, the retail price of the articles is called ________
a. mrp
b. wholesale price
c. retail price
d. cash price
Q. The advance amount under hire purchase system is called __________
a. cash price
b. retail price
c. interest
d. down payment
Q. Under hire purchase system, interest is calculated on _______
a. cash price
b. hire purchase price
c. mrp
d. outstanding balance.
Q. If the hire purchaser fails to make payment of any installment, it is called _______
a. default
b. repossession
c. sale
d. purchase
Q. If the hire vendor may take away all the goods on which there is default of installment itis called____________
a. repossession
b. partial repossession
c. complete repossession
d. purchase.
Q. The hire vendor takes away only a portion of the goods on which there is default ofInstallments it is called _________
a. repossession
b. partial repossession
c. complete repossession
d. purchase
Q. In the books of hirer, for payment of installment hire vendor account will be ________
a. debited
b. credited
c. rectified
d. reversed
Q. 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
Q. In the books of Hirer, the interest and depreciation account will be transferred to ______.
a. trading account
b. p & l account
c. p & l appropriation account
d. balance sheet
Q. Nature of hire purchase agreement is __________.
a. agreement of sale
b. option to transfer
c. option to buy
d. option to sell
Q. In case of Hire-Purchase the total sum payable by the hire-purchaser as per terms in orderto complete the transactions is
a. net cash price
b. net hire-purchase charges
c. hire-purchase price
d. cash price instalment
Q. Under ______ system the buyer does not get ownership of goods immediately
a. installment
b. hp
c. installment and hp
d. none of these