Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. A joint venture is a
a. A general partnership
b. A particular partnership
c. Not limited to a particular venture
d. None of the above
Q. Joint Bank account is
a. Not like a cash book
b. Opened specifically for the venture
c. Operated by one of the ventures
d. All of the above
Q. Profit or loss on a joint venture is shared by the co-venturers
a. Equally
b. In the capital ratio
c. As per the agreement
d. None of the above
Q. The relationship between the consignor and the consignee is that of
a. Buyer and seller
b. rincipal and agent
c. Debtor and creditor
d. All the above
Q. The term used for consignee’s remuneration is
a. Commission
b. Brokerage
c. Discount
d. Allowance
Q. The party responsible for the risk attached to the goods in consignment is
a. Consignee
b. Consignor
c. Both
d. Creditor
Q. The legal ownership of the goods is not transferred till the goods are sold in the case of
a. Sale
b. Consignment
c. Purchase
d. Sale
Q. In Memorandum Joint Venture Account Method, the co-venturer records
a. His transactions only
b. Other co-venturer’s transactions only
c. All the transactions of Joint Venture
d. All the above
Q. Memorandum Joint Venture Account is prepared to find out
a. Amount due from the co-venturers
b. Profit or loss on the joint venture
c. Sale’s account
d. Purchases account
Q. The share of profit of the co-venturer maintaining the records is credited to
a. Profit and loss account
b. His personal account
c. Credit account
d. Debtor’s account
Q. Any bad debt incurred on account of joint venture are debited to
a. Bad Debts Account
b. Debtor’s Personal Account
c. Joint Venture Account
d. All the above
Q. The person who send the goods to the agent to be sold by him on commission is called
a. Consignor
b. Consignee
c. Merchant
d. None of these
Q. The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ________.
a. Over riding commission
b. Del-credre commission
c. Normal commission
d. None of these.
Q. The following accounts should be opened in the case of separate set of books in Joint Venture Account.
a. Joint Venture A/c
b. Joint Bank A/c
c. Co-venturer’s A/c
d. All of the above
Q. What are the two types of losses of goods in Joint venture Account.
a. Normal and abnormal losses
b. Simple loss and pure loss
c. Executive and execute loss
d. None of these