McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Cost Accounting .
| 501. |
Property in the goods 'in the Sale of Goods Act means' |
| A. | ownership of goods |
| B. | possession of goods |
| C. | asset in the goods |
| D. | custody of goods |
| Answer» A. ownership of goods | |
| 502. |
Which of the following is not true |
| A. | risk and ownership cannot be separated |
| B. | risk and ownership can be separated |
| C. | parties may agree that risk will pass sometimes after the property has passed |
| D. | parties may agree that risk will pass sometimes before the property has passed |
| Answer» A. risk and ownership cannot be separated | |
| 503. |
In case of unascertained goods the property in the goods passes: |
| A. | When the goods are ascertained |
| B. | When the goods are appropriated |
| C. | Both 'a' and 'b' |
| D. | Either 'a' or 'b' |
| Answer» C. Both 'a' and 'b' | |
| 504. |
In case of appropriation of goods, which are the essential requirements: |
| A. | The goods should confirm to the description and quality stated in the contract. |
| B. | The goods must be in a deliverable state. |
| C. | The appropriation must be by the seller with the assent of the buyer. |
| D. | All the above |
| Answer» D. All the above | |
| 505. |
Appropriation of goods means |
| A. | separating the goods sold from other goods |
| B. | putting the quantity of goods sold in suitable receptacles |
| C. | delivering the goods to the carrier or other bailee for the purpose of transmission to the buyer with reserving the right of disposal |
| D. | all the above |
| Answer» D. all the above | |
| 506. |
In case of contract for the sale of specific or ascertained goods the property in goods passes to the buyer: |
| A. | At such time as the parties to the contract intend it to be transferred |
| B. | When the price is paid |
| C. | When delivery is given |
| D. | When the contract is made |
| Answer» A. At such time as the parties to the contract intend it to be transferred | |
| 507. |
For the purpose of ascertaining the intention of the parties for the purpose of transfer of property in goods from the seller to the buyer regard shall be had to: |
| A. | The terms of the contract |
| B. | The conduct of the parties |
| C. | The circumstances of the case |
| D. | All the above |
| Answer» D. All the above | |
| 508. |
In case of an unconditional contract for the sale of specific goods in a deliverable state, the property in the goods passes: |
| A. | At such time as the parties to the contract intend it to be transferred |
| B. | When the price is paid |
| C. | When delivery is given |
| D. | When the contract is made |
| Answer» D. When the contract is made | |
| 509. |
The ownership in specific goods to be put in deliverable state passes- |
| A. | When the seller has brought the goods into a deliverable state and the buyer has notice thereof |
| B. | When the goods are brought in deliverable state by the seller |
| C. | The contract is made |
| D. | When the intention is clear |
| Answer» A. When the seller has brought the goods into a deliverable state and the buyer has notice thereof | |
| 510. |
The general rule of Sale of Goods Act is, risk prima facie passes with |
| A. | Ownership |
| B. | Possession |
| C. | Delivery |
| D. | Custody |
| Answer» A. Ownership | |
| 511. |
For passing of property in goods, the goods must be in |
| A. | deliverable state |
| B. | manufacturing stage |
| C. | consumable state |
| D. | marketing state |
| Answer» A. deliverable state | |
| 512. |
The purpose of weighing, measuring or testing of goods in a contract of sale of specific goods in deliverable state is: |
| A. | To ascertain the price |
| B. | To ascertain the time of delivery |
| C. | To ascertain the mode of delivery |
| D. | To dispatch the goods |
| Answer» A. To ascertain the price | |
| 513. |
When the goods are sent on sale or return basis, the property in the goods passes to the buyer: |
| A. | When the buyer signifies his approval or acceptance to the seller |
| B. | When the buyer pledges the goods |
| C. | When the buyer resells the goods |
| D. | All the above |
| Answer» D. All the above | |
| 514. |
Reserving the right of disposal of goods means |
| A. | The property passes over to the buyer only when the buyer pays the price |
| B. | The property passes to the buyer when the buyer promises to pay the price |
| C. | The property passes to the buyer irrespective of payment of price |
| D. | The property passes to the buyer, when the seller dies |
| Answer» A. The property passes over to the buyer only when the buyer pays the price | |
| 515. |
"Nemo dat quad non habet", means: |
| A. | no one is greater than god |
| B. | none can give who does not himself possess |
| C. | every one can give everything he has |
| D. | everyone is bound by is habit |
| Answer» B. none can give who does not himself possess | |
| 516. |
Sale of goods by a mercantile agent gives a good title to the purchaser even in cases where the agent acts beyond his authority, provided the following conditions are satisfied- |
| A. | The agent is in possession of the goods or of a document of title to the goods. |
| B. | The agent sells the goods in the ordinary course business. |
| C. | The purchaser acts in good faith and has no notice that the agent had no authority to sell. |
| D. | All the above |
| Answer» D. All the above | |
| 517. |
In respect of……………Goods, the property in the goods is transferred to the Buyer at such time as the parties intend it to be transferred. |
| A. | Future |
| B. | Unascertained |
| C. | Contingent |
| D. | Specific or Ascertained |
| Answer» D. Specific or Ascertained | |
| 518. |
Which of the following is relevant for determining the passing of property in ascertained goods? |
| A. | Intention of Parties |
| B. | Delivery of Goods |
| C. | Payment of Price |
| D. | All of the above |
| Answer» A. Intention of Parties | |
| 519. |
For passing of property in respect of specific or ascertained goods, the intention of the parties can be ascertained from — |
| A. | Terms of the contract |
| B. | Conduct of the parties |
| C. | Circumstances of the case |
| D. | All of the above |
| Answer» D. All of the above | |
| 520. |
The rule as to passing of property as laid down in section 20 of the Sale of Goods Act, shall apply when— |
| A. | the time of payment of price is postponed |
| B. | the time of delivery of the goods is postponed |
| C. | even the time of payment of price and the time of delivery of the goods are both postponed |
| D. | neither the time of payment of price nor the time of delivery of the goods is postponed |
| Answer» C. even the time of payment of price and the time of delivery of the goods are both postponed | |
| 521. |
Under the Sale of Goods Act, 1930, the term "Mercantile Agent" means a mercantile agent, having as such agent, authority to — |
| A. | sell goods or consign goods for the purposes of sale |
| B. | buy goods |
| C. | raise money on the security of goods |
| D. | do all of the above |
| Answer» D. do all of the above | |
| 522. |
Under the Sale of Goods Act, 1930, "Mercantile Agent" should have authority — |
| A. | in the customary course of business as such agent |
| B. | as specified in the contract of agency |
| C. | as specified by the Buyer |
| D. | as specified by the Seller |
| Answer» A. in the customary course of business as such agent | |
| 523. |
The definition of "Documents of title to goods" given in the Sale of Goods Act, is — |
| A. | Exhaustive |
| B. | inclusive |
| C. | exclusive |
| D. | not clear |
| Answer» B. inclusive | |
| 524. |
Transfer of documents of title to the goods sold to the buyer, amounts to |
| A. | actual delivery |
| B. | symbolic delivery |
| C. | constructive delivery |
| D. | none of these |
| Answer» B. symbolic delivery | |
| 525. |
Under Sec.2(4) of the Sale of Goods Act, a delivery order enabling a person to obtain delivery on payment of price is |
| A. | Deemed as a Document of Title |
| B. | Not a Document of Title |
| C. | Document enabling title to Goods |
| D. | Not a valid document at all |
| Answer» A. Deemed as a Document of Title | |
| 526. |
A Document of Title to Goods enables the per son named therein to transfer the property therein |
| A. | by mere endorsement |
| B. | by mere delivery |
| C. | both (a) and (b) |
| D. | either (a) or (b) |
| Answer» D. either (a) or (b) | |
| 527. |
A Share Certificate is a — |
| A. | Document of Title to Goods |
| B. | Bill of Exchange |
| C. | Document Showing Title to Goods |
| D. | Instrument of Transfer |
| Answer» C. Document Showing Title to Goods | |
| 528. |
A Bill of Lading is a — |
| A. | Bill of Exchange |
| B. | Promissory Note |
| C. | Cheque |
| D. | Document of Title to Goods |
| Answer» D. Document of Title to Goods | |
| 529. |
When a bill of exchange in sent together with documents of title, the property in goods passes when the buyer. |
| A. | Receives the Bill of Exchange |
| B. | Returns the Bill of Exchange |
| C. | Accepts the Bill of Exchange |
| D. | None of these |
| Answer» C. Accepts the Bill of Exchange | |
| 530. |
A Promissory Note is NOT a Document of Title to Goods. |
| A. | True |
| B. | False |
| C. | Partly True |
| D. | Conditionally True |
| Answer» A. True | |
| 531. |
A Mate's Receipt (given By the Servant/Mate of the Captain of a Ship) is a — |
| A. | Document of Title to Goods |
| B. | Document showing Title to Goods |
| C. | Acknowledgement for receipt of Goods |
| D. | instrument of Transfer |
| Answer» A. Document of Title to Goods | |
| 532. |
"Warehouse - Keeper's Certificate" is a document of title to 'goods' within the meaning of section 2(4) of the Sale of Goods Act. |
| A. | True |
| B. | False |
| C. | Partly True |
| D. | Conditionally True |
| Answer» A. True | |
| 533. |
Which of these is a Document of Title to Goods? |
| A. | Usance Promissory Note |
| B. | International Bill of Exchange |
| C. | Bill of Lading |
| D. | Account Payee Crossed Cheque |
| Answer» C. Bill of Lading | |
| 534. |
Which of these is NOT a Document of Title to Goods? |
| A. | Bill of Lading |
| B. | Railway Receipt |
| C. | Dock Warrant |
| D. | Bearer Cheque |
| Answer» D. Bearer Cheque | |
| 535. |
Dock Warrant is a |
| A. | Document showing title to Goods. |
| B. | Document of Title to Goods |
| C. | Bill of Exchange |
| D. | Warrant for Arrest of a Person |
| Answer» B. Document of Title to Goods | |
| 536. |
The term "Quality of Goods" in section 2(12) of the Sale of Goods Act, has a reference to — |
| A. | Description |
| B. | Fitness for a particular purpose |
| C. | State or condition |
| D. | None of the above |
| Answer» B. Fitness for a particular purpose | |
| 537. |
In case of………..goods, property passes to the Buyer, only when the goods are ascertained. |
| A. | Future |
| B. | Specific |
| C. | Contingent |
| D. | Unascertained |
| Answer» D. Unascertained | |
| 538. |
Where there is a contract for the sale of………………..goods, no property in the goods is transferred to the Buyer, unless and until the goods are ascertained. |
| A. | Future |
| B. | Unascertained |
| C. | Contingent |
| D. | Specific |
| Answer» B. Unascertained | |
| 539. |
For transfer of property in unascertained goods, the basic condition is that — |
| A. | Goods must be ascertained and appropriated. |
| B. | Goods must be defined by description. |
| C. | Buyer must receive a sample of the goods |
| D. | Seller must have produced/purchased the goods |
| Answer» A. Goods must be ascertained and appropriated. | |
| 540. |
The property, in case of sale of unascertained goods, passes when— |
| A. | Delivery Order is entered |
| B. | Goods are identified and appropriated to the contract |
| C. | Goods are so far ascertained that the parties have agreed that they shall be taken from some specific larger stock. |
| D. | Transfer is made in the books of the warehouse man |
| Answer» B. Goods are identified and appropriated to the contract | |
| 541. |
There was a contract to supply "waste coal and ash for the next six months, as and when the waste is generated by the Seller's Factory". The Buyer paid the lumpsum price for the next six months in advance. When does the property in the goods pass to the Buyer? |
| A. | After the lapse of six months period |
| B. | At the time of entering into the contract |
| C. | At the time of paying advance money |
| D. | As and when the Factory discharges the waste |
| Answer» D. As and when the Factory discharges the waste | |
| 542. |
The process of identifying the goods and setting apart as per the intended quality or description is called — |
| A. | Identification |
| B. | Procurement |
| C. | Ascertainment |
| D. | Allocation |
| Answer» C. Ascertainment | |
| 543. |
Section 19 of the Sale of Goods Act, deals with passing of property of…………….goods. |
| A. | Unascertained Goods |
| B. | Future Goods |
| C. | Specific or Ascertained Goods |
| D. | Contingent Goods |
| Answer» C. Specific or Ascertained Goods | |
| 544. |
In a sale of specific or ascertained goods, the property therein is transferred to the buyer — |
| A. | upon delivery of goods |
| B. | upon payment of price |
| C. | at such time as the parties intend it to he transferred |
| D. | at such time as decided by the Court |
| Answer» C. at such time as the parties intend it to he transferred | |
| 545. |
The property in goods in a contract for sale of specific or ascertained goods, passes to the buyer — |
| A. | when the price is paid |
| B. | when the contract is made |
| C. | when the parties intend the property in goods to pass |
| D. | all of the above |
| Answer» C. when the parties intend the property in goods to pass | |
| 546. |
Pledging of goods obtained on sale or return basis will: |
| A. | complete the sale |
| B. | not complete the sale |
| C. | complete agreement to sell |
| D. | none of the above |
| Answer» A. complete the sale | |
| 547. |
Which one of the following is not true? |
| A. | Warehouse keeper's certificate is a document of title to goods |
| B. | Document showing title is different from document of title |
| C. | Specific goods are identified after the contract of sale |
| D. | Barter and sale are different from each other |
| Answer» C. Specific goods are identified after the contract of sale | |
| 548. |
Voluntary transfer of possession from one person to another is called as |
| A. | Ownership |
| B. | Delivery |
| C. | Gift |
| D. | License |
| Answer» B. Delivery | |
| 549. |
Which of the statement is incorrect in connection with duties of seller and buyer: |
| A. | It is the duty of the seller to deliver the goods |
| B. | It is the duty of the buyer to accept and pay for them |
| C. | It is not the duty of the seller to deliver the goods |
| D. | It is the duty of the buyer to take delivery of goods |
| Answer» C. It is not the duty of the seller to deliver the goods | |
| 550. |
Delivery of goods means- |
| A. | Voluntary transfer of possession |
| B. | Compulsory transfer of possession |
| C. | Exchange of goods |
| D. | Voluntary transfer of ownership |
| Answer» A. Voluntary transfer of possession | |
Done Studing? Take A Test.
Great job completing your study session! Now it's time to put your knowledge to the test. Challenge yourself, see how much you've learned, and identify areas for improvement. Don’t worry, this is all part of the journey to mastery. Ready for the next step? Take a quiz to solidify what you've just studied.