Accounting Mcqs – MCQs

571 questions. Click to practice.

Correct options are highlighted when revealed.

1.What do we call the individual who initiates a proposal?

2.What is it called when an individual expresses to another their intention to perform or refrain from an action, aiming to secure the other person's agreement to that action or inaction?

3.How many sections are included in the Contract Act of 1872?

4.On which date was the Contract Act of 1872 officially implemented?

5.Which topic is covered in Section 226 up to the final section of the Contract Act?

6.Which sections of the Contract Act outline the responsibilities of a principal towards their agent?

7.To whom must an agent provide a proper account upon request?

8.What term describes the principal's responsibility for the actions performed by their agent?

9.Which section of the Contract Act provides the definition of a sub-agent?

10.According to Section 185 of the Contract Act, 1872, is consideration required for the creation of an agency?

11.Which party's qualifications are addressed under Section 184 of the Contract Act?

12.Under which section of the Contract Act, 1872 is the term 'agent' defined?

13.What term describes an individual hired to perform tasks or act on behalf of someone else in interactions with third parties?

14.In a pledge agreement, what term is used to refer to the bailee?

15.In the context of a pledge, what term is used for the bailor?

16.A rents a carriage from B. Although B is unaware that the carriage is unsafe, A gets injured while using it. Who is liable for A's injury?

17.In a bailment agreement, what is the term used for the individual who receives the goods?

18.What is the term for a contract in which one party delivers goods to another for a specific purpose, with the understanding that the goods will be returned or handled according to the deliverer's instructions once the purpose is fulfilled?

19.Section 146 of the Contract Act pertains to the responsibilities of which party?

20.Which section range in the Contract Act addresses the discharge of a surety?