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75-Hire Purchase
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1.
When examining for deficiencies of stock, a firm would not make allowances for which of the following?
Changes in market conditions
Stealing by customers
Thefts by employees
Wastage of goods
2.
Which of the following is the act of buying an asset without having to make full payment in the immediate future?
Operating lease
Hire purchase
Sale and leaseback
Finance lease
3.
The rules for how to deal with leases and hire purchase contracts is dealt with in which accounting standard?
FRS 16
FRS 19
SSAP 21
SSAP 20
4.
Which of the following would not make a distinction between a hire purchase and a ‘normal’ purchase?
Purchaser pays for item by instalments over a period of time
Asset does not belong to purchaser when delivery is received from supplier
Cost to buyer is likely to be higher than it would be for a normal purchase
Trade discounts cannot be offered on hire purchase
5.
On the balance sheet of a company, the value of the asset bought through hire purchase will appear as which of the following?
Cost less depreciation to date less amount owing on hire purchase less interest owing
Cost less amounts owing on hire purchase
Cost less depreciation to date
Cost less depreciation to date less amount owing on hire purchase
Submit Test
These questions are part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations.
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