FINANCIAL ACCOUNTING II

1 . Credit purchases should be ascertained from___________account.

• Total Creditors
• Total Debtors
• Cash
• Credit

2 . Credit sales should be ascertained from ___________account.

• Total Creditors A/c
• Total Debtors A/c
• Cash
• Credit

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

• Total sales
• Credit sales
• Cash sales
• Credit purchase

4 . ___________is send by consignor to consignee.

• Invoice
• Proforma invoice
• Bill
• Account sale

5 . Surplus commission is calculated on___________

• sale price
• invoice price
• surplus price realised
• purchase price

6 . Invoice price is always higher than____________

• market price
• cost price
• book value
• proforma invoice

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.

8 . An account sale is sent by __________

• Consignee to Consignor
• Consignor to Consignee
• Debtors to Creditor
• Creditor to Debtors

9 . Collection from Customers can be ascertained from___________

• Branch Account
• Cash A/c
• Branch Debtors A/c
• Branch Creditors A/c

10 . Branch account under debtors system is ___________

• personal account
• real Account
• nominal account
• none of these