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Test: Special types of Accounting - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Special types of Accounting - 1

Test: Special types of Accounting - 1 for B Com 2024 is part of B Com preparation. The Test: Special types of Accounting - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Special types of Accounting - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Special types of Accounting - 1 below.
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Test: Special types of Accounting - 1 - Question 1
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Under a hire purchase agreement, the buyer takes delivery of goods and promises to pay the price in:

Detailed Solution for Test: Special types of Accounting - 1 - Question 1
In a hire purchase agreement, the buyer agrees to take possession of the goods and make payments in a certain number of instalments as per the terms of the agreement.
Test: Special types of Accounting - 1 - Question 2
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According to the Hire Purchase Act, 1972, which section specifies the required contents of the hire purchase agreement?

Detailed Solution for Test: Special types of Accounting - 1 - Question 2
Section 4 of the Hire Purchase Act, 1972, outlines the details that must be included in the agreement, such as the hire purchase price, cash price, and instalment details.
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Test: Special types of Accounting - 1 - Question 3
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Which of the following is NOT a characteristic of a hire purchase agreement?

Detailed Solution for Test: Special types of Accounting - 1 - Question 3
Under a hire purchase agreement, ownership remains with the vendor until all instalments are paid.
Test: Special types of Accounting - 1 - Question 4
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Which right does the hirer NOT have under the Hire Purchase Act?
Detailed Solution for Test: Special types of Accounting - 1 - Question 4
The hirer does not get ownership of the goods until all instalments are paid; this remains a key aspect of hire purchase agreements.
Test: Special types of Accounting - 1 - Question 5
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In hire purchase accounting, when is the interest on an instalment typically recognized?
Detailed Solution for Test: Special types of Accounting - 1 - Question 5
Interest is recognized as it accrues, which is when each instalment becomes due according to the hire purchase agreement terms.
Test: Special types of Accounting - 1 - Question 6
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What does the total hire purchase price include apart from the cash price of the goods?
Detailed Solution for Test: Special types of Accounting - 1 - Question 6
The total hire purchase price includes the cash price plus interest charges, compensation for risk, and additional costs like registration and delivery.
Test: Special types of Accounting - 1 - Question 7
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If the hire purchase price is less than Rs. 15,000 and one-half of the price has been paid, the vendor:
Detailed Solution for Test: Special types of Accounting - 1 - Question 7
If less than Rs. 15,000 and one-half of the hire purchase price is paid, repossession requires court sanction as per the Act.
Test: Special types of Accounting - 1 - Question 8
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What is the treatment of interest in hire purchase accounting for the purchaser?
Detailed Solution for Test: Special types of Accounting - 1 - Question 8
Interest in hire purchase accounting is considered a revenue expenditure, meaning it is an expense related to the financing of the asset.
Test: Special types of Accounting - 1 - Question 9
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In the vendor’s books, which account is credited when goods are sold on hire purchase?
Detailed Solution for Test: Special types of Accounting - 1 - Question 9
In the vendor’s accounting, the Sales Account is credited to reflect the revenue from the sale of goods under a hire purchase agreement.
Test: Special types of Accounting - 1 - Question 10
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When the asset is recorded at full cash price in the purchaser’s books, which account is debited at the time of purchase?
Detailed Solution for Test: Special types of Accounting - 1 - Question 10
The Asset Account is debited with the total cash price when recording the purchase of the asset in the purchaser's books, reflecting the acquisition of the asset.
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