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Test: Special types of Accounting - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Special types of Accounting - 2

Test: Special types of Accounting - 2 for B Com 2024 is part of B Com preparation. The Test: Special types of Accounting - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Special types of Accounting - 2 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 - 2 below.
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Test: Special types of Accounting - 2 - Question 1
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Under a hire purchase agreement, when does the ownership of the goods pass to the hirer?

Detailed Solution for Test: Special types of Accounting - 2 - Question 1
Ownership of the goods under a hire purchase agreement passes to the hirer after the payment of the last instalment, as stipulated in the terms of the contract.
Test: Special types of Accounting - 2 - Question 2
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In case of default, the vendor can repossess the goods. If the vendor takes back the possession of all the goods, what is this called?

Detailed Solution for Test: Special types of Accounting - 2 - Question 2
Complete repossession occurs when the vendor takes back possession of all the goods due to default in payment by the hirer.
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Test: Special types of Accounting - 2 - Question 3
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What entry is made in the hirer's books when the vendor repossesses a part of the goods?

Detailed Solution for Test: Special types of Accounting - 2 - Question 3
In partial repossession, the hirer debits the Hire Vendor’s Account and credits the Asset Account with the agreed value of the asset repossessed.
Test: Special types of Accounting - 2 - Question 4
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What is the term used for the instalments that have fallen due but have not yet been paid by the hire purchase customers?
Detailed Solution for Test: Special types of Accounting - 2 - Question 4
Hire Purchase Debtors refers to the instalments that have fallen due but have not yet been paid by the hire purchase customers.
Test: Special types of Accounting - 2 - Question 5
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Under the instalment payment system, how is the Interest Suspense Account treated?
Detailed Solution for Test: Special types of Accounting - 2 - Question 5
Under the instalment payment system, the Interest Suspense Account is credited with the actual amount of interest at each instalment, and then this amount is transferred to the Interest Account.
Test: Special types of Accounting - 2 - Question 6
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Which method is used for ascertaining profit or loss on goods of small value sold on hire purchase basis?
Detailed Solution for Test: Special types of Accounting - 2 - Question 6
A Hire Purchase Trading Account is prepared to ascertain the profit or loss on goods of small value sold on hire purchase basis, similar to how consignment accounts are used.
Test: Special types of Accounting - 2 - Question 7
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When goods are repossessed, what value is used to debit the Goods Repossessed Account in case of partial repossession?
Detailed Solution for Test: Special types of Accounting - 2 - Question 7
In case of partial repossession, the agreed value of the asset repossessed is used to debit the Goods Repossessed Account.
Test: Special types of Accounting - 2 - Question 8
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What does 'loading' refer to in the context of hire purchase accounting for goods of small value?
Detailed Solution for Test: Special types of Accounting - 2 - Question 8
Loading refers to the markup difference between the cost price and the hire purchase price, which includes covering the loss of interest on such transactions.
Test: Special types of Accounting - 2 - Question 9
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How is the value of goods sold on hire purchase determined if not directly given?
Detailed Solution for Test: Special types of Accounting - 2 - Question 9
If the value of goods sold on hire purchase is not directly given, it can be determined by applying the loading rate to the cost of goods sold on hire purchase.
Test: Special types of Accounting - 2 - Question 10
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What is the statutory amount of the hire purchase price referred to in the restrictions on the owner's right to repossess?
Detailed Solution for Test: Special types of Accounting - 2 - Question 10
The statutory amount referred to is typically 50% of the hire purchase price, and once this amount is paid, the owner cannot enforce repossession without a court order.
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