Accountancy 2 MCQs and Notes
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Q 1. Contract of Insurance is a contract between the trader and the insurance Company to -
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Q 2. Consequential loss policy for fire insurance gives insurance againest -
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Q 3. Opening stock Rs. 25000, Purchases Rs. 125000, Sales Rs. 150000, Goods salvaged Rrs. 10000 and Gross Profit is 50% on cost, then the cost of the goods burnt by fire is -
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Q 4. If indemnity period is six months, Standard turnover Rs. 30000, Annual trunover Rs. 75000, Turnover during indemnity period Rs. 12000, then short sales will amount to -
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Q 5. Stock of goods destroyed by Fire Rs. 10000 Stock of goods salvaged Rs. 2000, Value of insurance policy Rs. 9000. There is an average clause in the policy, Then the Amount of claim is -
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Q 6. Consequential loss policy indemnifies -
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Q 7. The Average Clause in a loss of profit policy prortects the -
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Q 8. Fire insurance Provides cover for -
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Q 9. According to hire purchase agreement Rs. 25000 is the down payment and Rs. 90000 is the total amount of three equal instalments inclusive of interest Rs. 15000. How much would be the cash price of the asset ?
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Q 10. In case of Hire purchase, the depreciation is calculated on -
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