The act of buying an asset without having to make full payment in the immediate future is known as:

Related MCQs

• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• If the hire purchaser fails to make payment of any installment, it is called _______
• Historical cost concept requires the valuation of an asset at
• Under debtors system depreciation on fixed asset is ________
• If a partner takes over an asset of the firm, his capital account:
• On the balance sheet of a company, the value of the asset bought through hire purchase will appear as:
• The depreciation on an asset purchased through hire purchase should be:
• Under which system, ownership is transferred on payment of final installment
• In the books of hirer, for payment of installment hire vendor account will be ________
• ________ is the initial payment made at the time of signing the hire purchase agreement