Accounts: Hire Purchase System
30 Question (30 Marks)
Sign in to Google to save your progress. Learn more
Your Name *
Address *
Contact No *
Mail id *
1- Hire Purchase system is governed by: *
1 point
2- Installment system is governed by: *
1 point
3- Under Hire Purchases system, the agreement can be _______ anytime. *
1 point
4- When an asset is acquired on Hire Purchases System, the asset account is Debited with ____ of the assets in the books of the Hire Purchaser. *
1 point
5- On the Balance Sheet of the Company, the value of the assets bought through Hire Purchases will appear  as: *
1 point
6- The Depreciation on an asset purchased through Hire Purchase should be: *
1 point
7- Ownership of goods under Hire Purchase agreement is transferred at the time of: *
1 point
8- The act of buying an asset without having to make full payment in the immediate is known as: *
1 point
9- The amount of interest is credited by the buyer to: *
1 point
10- Hire Charges Depreciation is calculated and shown in the Books of Hire/Vendee: *
1 point
11-What is transferred to hire under Hire Purchase System: *
1 point
12-Under Hire Purchase System,____has the right of sell. *
1 point
13-If there is any default in payment, the seller has the right to repossess the goods and forfeit the amount already received. *
1 point
14-Under Hire Purchase System, the retail price of the articles is called: *
1 point
15-The Initial amount paid Hire Purchase System is called: *
1 point
16-Under Hire Purchase System, Interest is calculated on: *
1 point
17- If the Hire Purchase fails to make payment of any Installment, it is called default  and the Vendor has the right of: *
1 point
18- If the Hire Vendor may take away all the goods on which there is default of installment is called: *
1 point
19- The Hire Vendor takes away only a portion of the goods on which there is default of installment it is called: *
1 point
20- In the books of Hirer, for payment of installment Hire Vendor Account will be: *
1 point
21- In the books of Hirer, for Interest due at the end of the year Hire Vendor Account will be: *
1 point
22- In the books of Hirer, for Interest and Depreciation Account will be transferred to: *
1 point
23- In the books of Hirer, when the Asset Repossession Hire Vendor Account will be: *
1 point
24- In the books of Hirer, when the asset Repossession Asset Account will be: *
1 point
25- In the books of Hire Vendor, when down payment is received, the Hirer Account will be: *
1 point
26- Nature of Hire Purchase agreement is: *
1 point
27- In case or Hire Purchase the total sum payable by the Hire Purchaser as per terms in order to complete the transactions is: *
1 point
28- The price at which the goods can be purchased by the Hirer for ready cash is known as: *
1 point
29- The value at which goods are reposed is transferred to ____ in the books of the Vendor. *
1 point
30- Cash Price equals to : *
1 point
Your Feedback *
Submit
Clear form
Never submit passwords through Google Forms.
This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy
Google Forms