12 . Which of the following statements is True?

Goods sent on consinment are the property of the consignor.

Memorandum Trading Account is prepared to find of credit sales.

A consignee is allowed to sell goods on cash basis only.

Invoice price always equal to selling price.

13 . Which of the following statements is True?

It is not compulsory to insure the stock.

Consignment is a sale between the consignor and the consignee.

Insurance avoids loss due to fire.

In Conginment Accounting, Sale Account and Account Sales are synonymous terms.

14 . Which of the following statements is True?

Any stock remaining unsold with the consignee belongs to the consignor.

Consignee cannot return the unsold goods to the cosignor.

An account sales is a leder account in the books of the consignee.

When the consignee receives the goods on consignment, the consignee buys the goods.

15 . Which of the following statements is false?

Insured gets compensation equal to the amount of policy.

Cash sales are ascertained from Cash Journal.

Signle Entry system is suitable to small orgnisation.

Under signle entry, Cash Account is maintained with receipts and payments.

17 . Which of the following statements is true?

In case of overvaluation of stock, it should be brought down to cost.

Trial Balance is prepared under single entry sysem to verify accuracy.

Invoice price is always higher than selling price.

Consignor always sends goods to the consignee at cost only.

18 . Which of the following statements is true?

Invoice price is always higher than cost price.

Under stock debtors system branch adjustment A/c show net profit.

Percentage of gross profit should be fluctuating.

Salvage refers to stock moving fast.

19 . Which of the following statements is true?

Balance on goods sent to branch a/c is transferred to sales a/c.

Memorandum Trading Account is always prepared for 1 year period.

Abnormal goods are fast moving goods.

20 . Which of the following statements is true?

If del credere commission is allowed, bad debt loss is borne by the consignee.

The consignor acts as an agent of the consignee for supply of goods.

Loading in closing stock is debited to stock reserve account under stock debtors system.

29 . Which of the following statements is false?

If profit on cost is 1/11, then profit 1/10 on sale

If profit on cost is 20%, then profit 1/6 on sale.

If profit on cost is 1/10, then profit 1/11 on sale

If profit on sale is 2/5, then profit 2/3 on cost.

30 . Which of the following statements is false?

If profit on sale is 12.50%, then it is 11.11% on cost.

If profit on sale is 40%, then it is 2/3 on cost.

If profit on cost is 1/5, then profit 1/6 on sale.

If profit on cost is 12.50%, then profit 1/9 on sale.

31 . Which of the following statements is true?

If profit on cost is 33.33%, then profit 1/4 on sale.

If profit on sale is 1/3, then profit 1/4 on cost.

If profit on sale is 40%, then it is 2/5 on cost.

If profit on sale is 50%, then it is 33.33% on cost.

32 . Which of the following statements is false?

If profit on cost is 1/6, then profit 16.66% on sale.

If profit on cost is 10%, then profit 9.09% on sale

If profit on sale is 1/4, then profit 1/3 on cost.

If profit on sale is 11.11%, then it is 1/8 on cost.

33 . Which of the following statements is true?

If profit on cost is 20%, then profit 16.66% on sale.

If profit on sale is 12.50%, then it is 1/9 on cost.

If profit on cost is 1/9, then profit 1/8 on sale.

If profit on sale is 25%, then it is 20% on cost.

34 . Which of the following statements is false?

If profit on cost is 2/7, then profit 2/5 on sale.

If profit on cost is 40%, then profit 28.52% on sale.

If profit on sale is 33.33%, then it is 1/2 on cost.

If profit on sale is 1/6, then profit 1/5 on cost.

35 . Which of the following statements is true?

If profit on cost is 1/20, then profit 1/21 on sale

If profit on cost is 1/5, then profit 1/4 on sale.

If profit on sale is 1/5, then profit 1/6 on cost.

If profit on sale is 25%, then it is 1/5 on cost.

36 . Which of the following statements is true?

If profit on cost is 2/5, then profit 2/7 on sale.

If profit on cost is 2/5, then profit 2/3 on sale.

If profit on sale is 66.66%, then it is 2/5 on cost.

If profit on sale is 1/2, then profit 1/3 on cost.

37 . Which of the following statements is false?

If profit on sale is 33.33%, then profit 1/4 on cost

If profit on cost is 2/3, then profit 2/5 on sale.

If profit on cost is 66.66%, then profit 2/5 on sale.

If profit on sale is 1/11, then profit 1/10 on cost.

38 . Which of the following statements is true?

If profit on sale is 4.76%, then profit 1/20 on cost.

If profit on cost is 2/5, then profit 40% on sale.

If profit on sale is 12.50%, then profit 1/9 on cost

If profit on sale is 5%, then profit 1/21 on cost.

39 . Which of the following statements is true?

If profit on cost is 66.66%, then profit 40% on sale.

If profit on cost is 20%, then profit 1/5 on sale.

If profit on sale is 66.66%, then it is 40% on cost.

If profit on cost is 1/11, then profit 9.09% on sale

40 . Which of the following statements is false?

If profit on sale is 10%, then profit 1/11 on cost

If profit on sale is 25%, then it is 1/3 on cost.

If profit on sale is 1/3, then profit 1/2 on cost.

If profit on cost is 40%, then profit 2/5 on sale.

FINANCIAL ACCOUNTING II Quiz

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1 . Credit purchases should be ascertained from___________account.

Total Creditors

Total Debtors

Cash

Credit

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

2 . Credit sales should be ascertained from ___________account.

Total Creditors A/c

Total Debtors A/c

Cash

Credit

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

3 . Del credere commission is calculated at a certain percentage on __________

Total sales

Credit sales

Cash sales

Credit purchase

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

4 . ___________is send by consignor to consignee.

Invoice

Proforma invoice

Bill

Account sale

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

5 . Surplus commission is calculated on___________

sale price

invoice price

surplus price realised

purchase price

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

6 . Invoice price is always higher than____________

market price

cost price

book value

proforma invoice

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

7 . Which of the following statement is false?

Discount allowed to customer is recorded in Branch Account.

Loading is a difference between invoice price and cost price.

Goods distributed as free samples should be credited to trading account.

Depreciation on branch fixed assets is not recorded in branch account under Debtor system.

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FINANCIAL ACCOUNTING II

1 . Credit purchases should be ascertained from___________account.

2 . Credit sales should be ascertained from ___________account.

3 . Del credere commission is calculated at a certain percentage on __________

4 . ___________is send by consignor to consignee.

5 . Surplus commission is calculated on___________

6 . Invoice price is always higher than____________

7 . Which of the following statement is false?

8 . An account sale is sent by __________

9 . Collection from Customers can be ascertained from___________

10 . Branch account under debtors system is ___________

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