Top 150+ Solved Special Accounting MCQ Questions Answer
Q. The claim lodged by the business to the insurance company on happening the event of loss is called …………………..
a. Insurance policy
b. Insurance claim
c. Insurance premium
d. None of these
Q. When a fixed asset is destroyed ,the loss of such asset on thedate of fire can be ascertained from
a. record
b. accountant
c. books of accounts
d. None of these
Q. When stock is destroyed the ………………….. of loss is difficult
a. computation
b. reduction
c. deduction
d. allocation
Q. Business concern often suffer …………… due to different reasons.such as fire, theft, flood, strike, etc
a. Normal losse
b. abnormal losses
c. natural losses
d. None of these
Q. A set of ……………… is to be followed to file a claim with the insurance company
a. rule
b. policies
c. procedure
d. None of these
Q. Salvage value of stock to be ……….. from book value of stock
a. added
b. deducted
c. corrected
d. none of these
Q. Average clause is a …………… in the insurance company
a. reserve
b. fund
c. provision
d. none of these
Q. Fire insurance policies contain an “………….” to discharge underinsurance
a. Total clause
b. net clause
c. Gross clause
d. average clause
Q. Fire insurance policies contain an “average clause” to discourage ……………………………..
a. Over insurance
b. fire insurance
c. under insurance
d. None of these
Q. Net claim on under insurance is equal to Loss of stock x value ofstock On the date of fire
a. Policy value
b. Total value
c. total sales
d. none of these
Q. Gross profit on short sales are calculated as
a. Gross profit x operating ratio
b. short sales x gross profit ratio
c. Short sales x net profit ratio
d. short sales x operating ratio
Q. Short sales is the difference between …………… and actual salesof dislocated period
a. net sale
b. gross sales
c. standard sales
d. total sales
Q. The amount of insurance ………….. to be paid at regular intervals
a. policy
b. claim
c. commission
d. premium
Q. At the time of calculating insurance claim , the average clause is ………………. If the value of stock at the date of fire was more than the policy value.
a. applicable
b. obtainable
c. receivable
d. payable