Accounting Basics Bit Bank for APPSC | Panchayat Secretary | IBPS | SBI | SSC

Accounting 

 1)  The person who sends the goods to be  sold on consignment is known as ----------.?
Answer  ::   Consignor

 2)  The person to whom goods are sent to  be sold on consignment is known as ------------.?
Answer  ::   Consignee

 3)  The relationship between the consignor  and consignee is of ---------------.?  
Answer  ::   Principal and Agent

 4)  Risk of goods remains with the -----------------. ?
Answer  ::   Consignor

 5)  The profit or loss on consignment belongs with the ------------. ?
Answer  ::   Consignor

 6)  An account sale is a statement  sent by the -------------------.  ?
Answer  ::   Consignee to the Consignor

 7)  A Performa invoice is sent by the------------.  ?
Answer  ::   Consignor to the Consignee

 8)  ------------------- is an additional  commission paid by the consignor to consignee for bearing the loss on account  of bad debt arising due to credit sale. If such commission is offered  the consignee will bear the bad debt. ?
Answer  ::   Del-credere Commission

 9)  Consignment account is a --------------------. ?
Answer  ::   Nominal Account

 10)   Goods  sent  on  consignment are transferred to ---------.  ?
Answer  ::   Trading Account

 11) . Closing stock of  consignment includes  promotional share of  ---------------.  ?
Answer  ::   All direct expenses

 12)  Joint venture is a -------------------- between two or more persons. ?
Answer  ::   Temporary Partnership

 13) .  Going concern assumption is not applicable in case of -----------.  ?
Answer  ::   Joint venture)

 14) .  -----------------  can’t be a co-venturer as he  is incompetent to contract.  ?
Answer  ::   A minor

 15)  There is no specific Act for ---------------. ?
Answer  ::   Joint venture

 16)  Joint bank account is prepared when separate set of books are maintained for ------------------ joint venture transaction. ?
Answer  ::   Joint Venture

 17)  In Memorandum Joint Venture Account Method, each co-venture records only those transactions ------------------.  ?
Answer  ::   Which are effected by him only

 18)   There  is  no restriction for maximum number  of co-venturer in case of -----------. ?
Answer  ::   Joint venture

 19)    When a transaction is recorded in contravention of account principles it indicates ---------------------. ?
Answer  ::   Error of principle

 20)   --------------- is not an account, it is  a statement; it is prepared on a particular date. ?
Answer  ::   Trial Balance