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Accountancy 2 MCQs

M

Mr. Dubey • 51.17K Points
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Q 1. Contract of Insurance is a contract between the trader and the insurance Company to -

(A) Close down old firm
(B) Start new business
(C) Reconstruction of business
(D) Compensate the loss suffered by the trader
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M

Mr. Dubey • 51.17K Points
Coach

Q 2. Consequential loss policy for fire insurance gives insurance againest -

(A) Stock Loss
(B) Profit Loss
(C) Assets Loss
(D) Budgeted Loss
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M

Mr. Dubey • 51.17K Points
Coach

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 -

(A) Rs. 40000
(B) Rs. 50000
(C) Rs. 10000
(D) Rs. 60000
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M

Mr. Dubey • 51.17K Points
Coach

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 -

(A) Rs. 45000
(B) Rs. 63000
(C) Rs. 18000
(D) Rs. 30000
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M

Mr. Dubey • 51.17K Points
Coach

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 -

(A) Rs. 9500
(B) Rs. 5500
(C) Rs. 7500
(D) Rs. 2500
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M

Mr. Dubey • 51.17K Points
Coach

Q 6. Consequential loss policy indemnifies -

(A) Capital Losses
(B) Revenue Losses
(C) Budgeted Losses
(D) None of these
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M

Mr. Dubey • 51.17K Points
Coach

Q 7. The Average Clause in a loss of profit policy prortects the -

(A) Insured
(B) Insurer
(C) Workers
(D) All of these
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M

Mr. Dubey • 51.17K Points
Coach

Q 8. Fire insurance Provides cover for -

(A) Tangible Assets
(B) Intangible Assets
(C) Fictitious Assets
(D) Business Employees
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M

Mr. Dubey • 51.17K Points
Coach

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 ?

(A) Rs. 90000
(B) Rs. 100000
(C) Rs. 115000
(D) Rs. 130000
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M

Mr. Dubey • 51.17K Points
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Q 10. In case of Hire purchase, the depreciation is calculated on -

(A) Hire purchase price
(B) Contract Price
(C) Cash price
(D) None of the above
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