McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Cost Accounting .
| 601. |
The Unpaid Seller's right of lien or right of stoppage in transit is NOT AFFECTED by any sale or other disposition of the Goods made by Buyer, unless — |
| A. | Buyer becomes solvent |
| B. | Buyer obtains delivery of goods before destination |
| C. | Seller has assented to such sale |
| D. | Seller obtains delivery of goods before destination |
| Answer» C. Seller has assented to such sale | |
| 602. |
Unpaid Seller's right of stoppage in transit can be exercised only when the Buyer is insolvent. |
| A. | True |
| B. | Partly True |
| C. | False |
| D. | None of the above |
| Answer» A. True | |
| 603. |
The word "perishable" in respect of goods, u/ s 54 of the Sale of Goods Act, means |
| A. | physically perishable |
| B. | commercially perishable |
| C. | both (a) and (b) |
| D. | either (a) or (b) |
| Answer» D. either (a) or (b) | |
| 604. |
Where under a contract of sale the property in goods has passed to Buyer and Buyer wrong fully neglects or refuses to pay the price, the Seller can sue the Buyer for — |
| A. | payment of price of goods |
| B. | damages for non-acceptance of goods |
| C. | payment of other charges like insurance, forwarding etc. |
| D. | all of the above |
| Answer» D. all of the above | |
| 605. |
Where under a contract of sale, the Buyer wrong fully neglects or refuses to pay the price, the Seller can sue the Buyer for the price of goods, if the property in goods - |
| A. | has not passed to buyer |
| B. | has passed to buyer |
| C. | either (a) or (b) |
| D. | remains with the seller |
| Answer» B. has passed to buyer | |
| 606. |
Where under a contract of sale, the price is payable on a certain day irrespective of delivery and Buyer wrongfully neglects or refuses to pay the price, the Seller can sue the Buyer for the price of goods. For this purpose, goods — |
| A. | should be appropriated to the contract |
| B. | need not be appropriated to the contract |
| C. | should be delivered to the buyer |
| D. | need not be delivered to the buyer |
| Answer» B. need not be appropriated to the contract | |
| 607. |
Generally, where the Buyer has paid the price and Seller refuses to deliver the goods, buyer can sue the seller for — |
| A. | specific performance of the contract |
| B. | delayed delivery of goods |
| C. | refund of price already paid |
| D. | non-acceptance of goods |
| Answer» C. refund of price already paid | |
| 608. |
Where there is a breach of warranty -by seller; or where the Buyer elects or is compelled to treat any breach of condition by the seller as breach of warranty, the buyer is entitled to — |
| A. | reject the goods |
| B. | set up against the Seller the breach of warranty in diminution or extinction of the price |
| C. | sue the Seller for damages for breach of warranty |
| D. | either 'b' or 'c' |
| Answer» D. either 'b' or 'c' | |
| 609. |
In case of interest by way of damages and special damages in a suit by the seller u/s 61, the interest may be calculated from — |
| A. | date of tender of goods |
| B. | date on which the price was payable |
| C. | either (a) or (b) |
| D. | both (a) and (b) |
| Answer» B. date on which the price was payable | |
| 610. |
When under a contract of sale, buyer has paid the price, but seller neglects to deliver goods, buyer has a right to claim interest on the amount of price. The buyer can claim interest — |
| A. | only when he can recover the price |
| B. | only when he is entitled to claim damages |
| C. | either (a) or (b) |
| D. | both (a) and (b) |
| Answer» D. both (a) and (b) | |
| 611. |
If the goods are rejected by the buyer and the carrier or other bailee continues in possession of them, the transit…………even if the seller has refused to receive them back. |
| A. | is deemed to be at an end |
| B. | is not deemed to be at an end |
| C. | continues |
| D. | both 'b' and 'c' |
| Answer» D. both 'b' and 'c' | |
| 612. |
In an auction sale of goods, the seller makes use of pretended bidding to raise the price, the sale is — |
| A. | Valid |
| B. | void |
| C. | voidable at the instance of the buyer |
| D. | unenforceable |
| Answer» C. voidable at the instance of the buyer | |
| 613. |
An auction sale is complete on the - |
| A. | delivery of goods |
| B. | payment of price |
| C. | fall of hammer |
| D. | None of the above |
| Answer» C. fall of hammer | |
| 614. |
In the case of sale by auction, where goods are put for sale in lots, each lot is prima facie the subject of— |
| A. | a single contract of sale |
| B. | a separate contract of sale |
| C. | either (a) or (b) |
| D. | both (a) and (b) |
| Answer» C. either (a) or (b) | |
| 615. |
In the case of sale by auction, the seller of goods has a right to bid at the auction |
| A. | with the permission of the auctioneer |
| B. | only when the right to bid has been expressly reserved |
| C. | even when the right to bid has been impliedly reserved |
| D. | with the permission of the bidder |
| Answer» B. only when the right to bid has been expressly reserved | |
| 616. |
Where a right to bid at the auction has been expressly reserved by the seller, the seller can depute — |
| A. | not more than one agent to bid on his behalf |
| B. | not more than two agents to bid on his behalf |
| C. | not more than three agents to bid on his behalf |
| D. | any number of agents to bid on his behalf |
| Answer» A. not more than one agent to bid on his behalf | |
| 617. |
In case of sale by auction, a bid can be recalled at any time before the fall of hammer. |
| A. | True |
| B. | Depends on the auctioneer |
| C. | False |
| D. | None of the above |
| Answer» A. True | |
| 618. |
In the case of sale by auction, as soon as the hammer falls, goods become the property of the buyer — |
| A. | even if there is a condition that the goods shall be" removed before payment |
| B. | only on payment |
| C. | only if there is a condition that the goods shall not be removed before payment |
| D. | only on delivery |
| Answer» A. even if there is a condition that the goods shall be" removed before payment | |
| 619. |
Where the sale is not notified to be subject to a right to bid on behalf of seller, it shall not be lawful for the seller— |
| A. | to bid for himself |
| B. | to employ any person to bid at such sale |
| C. | either (a) or (b) |
| D. | neither (a) nor (b) |
| Answer» C. either (a) or (b) | |
| 620. |
Where the sale is not notified to be subject to a right to bid on behalf of seller, and the Auctioneer knowingly takes any bid from the Seller or any such person, the sale shall be treated as………..by the buyer. |
| A. | Unlawful |
| B. | illegal |
| C. | immoral |
| D. | fraudulent |
| Answer» C. immoral | |
| 621. |
An act by which an intending bidder is discouraged or dissuaded from bidding in the auction sale is called |
| A. | Puffer |
| B. | Damping |
| C. | Dumping |
| D. | Knockout |
| Answer» B. Damping | |
| 622. |
…………….is a form of combination of buyers to prevent competition among themselves at an auction sale. |
| A. | Knock-out agreement |
| B. | monopoly agreement |
| C. | oligopoly agreement |
| D. | puffing agreement |
| Answer» A. Knock-out agreement | |
| 623. |
In pretended bidding, sale is |
| A. | voidable at the option of the seller |
| B. | valid |
| C. | voidable at the option of the buyer |
| D. | illegal |
| Answer» C. voidable at the option of the buyer | |
| 624. |
In an auction sale, the property shall be sold to be |
| A. | Lowest bidder |
| B. | Highest bidder |
| C. | Any bidder |
| D. | All bidders |
| Answer» B. Highest bidder | |
| 625. |
On auctioneer will be liable for damages: |
| A. | If the auctioneer had no authority to sell the goods. |
| B. | If there is a defect in principal's title. |
| C. | If the buyer's possession is disturbed by auctioneer principal or auctioneer himself. |
| D. | All the above |
| Answer» D. All the above | |
| 626. |
Unless excluded by an agreement to the contrary, where after a contract has been made but before it has been performed, excise duty is increased |
| A. | The buyer would have to pay increased price |
| B. | The seller cannot charge increased price |
| C. | The seller can charge increased price |
| D. | Both 'a' and 'c' |
| Answer» D. Both 'a' and 'c' | |
| 627. |
The Indian Partnership Act came into force on: |
| A. | 1st April 1932 |
| B. | 1st June 1932 |
| C. | 1st July 1932 |
| D. | 1st October 1932, except section 69 |
| Answer» D. 1st October 1932, except section 69 | |
| 628. |
Prior to the enactment of Indian Partnership Act, 1932 the law on this subject was contained in: |
| A. | Code of Civil Procedure, 1908 |
| B. | Indian Contract Act, 1872 |
| C. | Companies Act, 1913 |
| D. | Negotiable Instruments Act, 1881 |
| Answer» B. Indian Contract Act, 1872 | |
| 629. |
The term 'partnership' has been defined under…………of the Partnership Act, 1932: |
| A. | Section 3 |
| B. | Section 4 |
| C. | Section 5 |
| D. | Section 6 |
| Answer» B. Section 4 | |
| 630. |
The Indian Partnership Act, 1932 extends to the whole of India except: |
| A. | The State of Jammu & Kashmir |
| B. | The State of Jammu & Kashmir and the State of Sikkim |
| C. | The State of Jammu & Kashmir and the North-eastern States of India |
| D. | The North-Eastern States of India |
| Answer» A. The State of Jammu & Kashmir | |
| 631. |
What among the following is not an essential element of partnership: |
| A. | There must be an agreement entered into by all the persons concerned |
| B. | The agreement must be to share the profits of a business |
| C. | The business must start within six months from the date of agreement |
| D. | The business must be carried on by all or any one of them acting for all |
| Answer» C. The business must start within six months from the date of agreement | |
| 632. |
A Joint Hindu Family is created: |
| A. | By a contract |
| B. | By operation of law or status |
| C. | By registration |
| D. | By all the above mode |
| Answer» B. By operation of law or status | |
| 633. |
A club is the form of: |
| A. | Association not for profit |
| B. | Partnership |
| C. | Sole proprietorship |
| D. | Public company |
| Answer» A. Association not for profit | |
| 634. |
The Partnership Act, 1932 |
| A. | Specifies the minimum number of partners in a firm |
| B. | Specifies the maximum number of partners in a firm |
| C. | Both (a) and (b) |
| D. | None of the above |
| Answer» A. Specifies the minimum number of partners in a firm | |
| 635. |
The ceiling on maximum number of partners in a firm is laid down in: |
| A. | The Partnership Act, 1932 |
| B. | The Indian Contract Act, 1872 |
| C. | The Companies Act, 1956 |
| D. | Central Government notification |
| Answer» C. The Companies Act, 1956 | |
| 636. |
The test of partnership is laid down in the following case: |
| A. | Cox v. Hickman |
| B. | Garner v. Murray |
| C. | Mohiribibi v. Dharmodas Ghosh |
| D. | None of the above |
| Answer» A. Cox v. Hickman | |
| 637. |
A partnership firm |
| A. | Is a legal person |
| B. | Is not a legal person |
| C. | Has a distinct legal personality |
| D. | None of the above |
| Answer» B. Is not a legal person | |
| 638. |
A partnership formed for the purpose of carrying on particular venture or undertaking is known as: |
| A. | Limited partnership |
| B. | Special partnership |
| C. | Joint Venture |
| D. | Particular partnership |
| Answer» D. Particular partnership | |
| 639. |
From among the following who cannot become a partner of the firm? |
| A. | A Hindu joint family |
| B. | Minor |
| C. | Director of a Company |
| D. | A limited Company |
| Answer» A. A Hindu joint family | |
| 640. |
Under section 4 of the Indian Partnership Act, 1932, partnership is a: |
| A. | Compulsory legal relationship |
| B. | Voluntarily legal relationship |
| C. | A relation arising from status |
| D. | A relation for a charitable purpose |
| Answer» B. Voluntarily legal relationship | |
| 641. |
A partnership in a banking business can have: |
| A. | Not more than 2 partners |
| B. | Not more than 10 partners |
| C. | Not more than 20 partners |
| D. | Unlimited partners |
| Answer» B. Not more than 10 partners | |
| 642. |
A partnership in a non-banking business can have: |
| A. | Not more than 2 partners |
| B. | Not more than 10 partners |
| C. | Not more than 20 partners |
| D. | Unlimited partners |
| Answer» C. Not more than 20 partners | |
| 643. |
The principle of……….is applicable to partners in a partnership: |
| A. | Uberrimae fidei/Utmost Good Faith |
| B. | Ultimate Trust |
| C. | Insurable Interest |
| D. | Blind Faith |
| Answer» A. Uberrimae fidei/Utmost Good Faith | |
| 644. |
Limited Liablility partnership is a form of partnership that: |
| A. | Is not possible |
| B. | Is allowed in certain circumstances in the Partnership Act, 1932 |
| C. | Is now abolished |
| D. | Can be set up by LLP Act, 2008 |
| Answer» D. Can be set up by LLP Act, 2008 | |
| 645. |
Which of the following statements is true in respect of an HUF : |
| A. | A member of HUF can ask for an account of past profits |
| B. | On the death of a co-parcener the family business is dissolved |
| C. | A coparcener is liable to extent of his share in the family state |
| D. | A coparcener is an agent of another coparcener |
| Answer» C. A coparcener is liable to extent of his share in the family state | |
| 646. |
A partnership firm is: |
| A. | A legal person |
| B. | Not a distinct legal entity from its partners |
| C. | A distinct legal entity from its partners |
| D. | None of the above |
| Answer» B. Not a distinct legal entity from its partners | |
| 647. |
A partnership cannot be constituted by: |
| A. | Two individuals |
| B. | Two Hindu Joint families |
| C. | Two partnership firms |
| D. | Both (b) and (c) |
| Answer» D. Both (b) and (c) | |
| 648. |
A firm: |
| A. | Cannot become a partner |
| B. | Can become a partner |
| C. | Can become a partner with the permission of the court |
| D. | Can become a partner with unanimous consent of all the partners |
| Answer» A. Cannot become a partner | |
| 649. |
Select the odd one : |
| A. | Hindu Unlimited Family |
| B. | Partnership |
| C. | Company |
| D. | Body Corporate |
| Answer» A. Hindu Unlimited Family | |
| 650. |
Partnership is a relationship, which arises from: |
| A. | Operation of law |
| B. | An agreement |
| C. | Status |
| D. | Almighty |
| Answer» B. An agreement | |
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.