Test 252

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Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

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31.

When a bill is retired before its due date, the drawer usually allows the drawee a:

Discount

Premium

Fine

Extra interest

32.

Noting charges are paid when a bill is:

Honored

Dishonored

Endorsed

Renewed

33.

If a bill of exchange is dishonored, the amount due is credited to the:

Bills Receivable Account

Bills Payable Account

Drawer’s Account

Drawee’s Account

34.

The term "usance" in relation to bills of exchange refers to:

The drawer’s location

The duration or period before payment is due

The drawee's responsibility

The discount allowed

35.

The expenses incurred by the consignor to bring the goods to the consignee’s location are called:

Selling expenses

Non-recurring expenses

Recurring expenses

Commission expenses

36.

Abnormal loss in consignment is generally transferred to the:

Consignment Account

Consignor's Capital Account

Profit and Loss Account

Consignee’s Account

37.

If the consignee bears all risk of credit sales, it is recorded in the books as:

Normal Commission

Special Commission

Del Credere Commission

Extra Sale Commission

38.

The account that shows the transactions between co-venturers in a joint venture is called:

Joint Venture Account

Co-venturers’ Personal Account

Profit and Loss Account

Consignment Account

39.

In joint venture accounting, if there is a balance remaining in the Joint Venture Account, it is transferred to

The bank account - (B) - (C) - (D) P

The personal accounts of the co-venturers

The trading account

Profit and Loss Account

40.

In case of a joint venture, if one co-venturer is maintaining all records, the profit-sharing ratio is used to:

Distribute common expenses

Share the joint venture profits

Determine ownership percentage

Define liability limits

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Test 252

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