Author name: Administrator

1476. The _________ co-operative societies are established for the benefit of small producers.

Consumers
Producers
Marketing
Housing
✅ The correct answer is B.
The Producers co-operative societies are established for the benefit of small producers. To protect the interest of small producers, these societies are set up. The co-operative society members may be farmers, landowners, owners of the fishing operations. To increase the marketing possibilities and production efficiency, producers decide to work together or as separate entities.

131. Which of the following would NOT be considered as a component of ‘cost’ of stock?

Transportation inward costs
Import duties
Salaries of selling staff
Purchase price
✅ The correct answer is C.
Salaries of selling staff would NOT be considered as a component of ‘cost’ of stock. When investors purchase shares of stock, the price paid includes two components: the price of the stock and the fee charged by the brokerage firm, called commission.

1478. Which of the below is an example of an endowment assurance plan?

Mortgage Redemption Plan
Credit Life Insurance Plan
Money Back Plan
Whole Life Plan
✅ The correct answer is C.
Money Back Plan is an example of an endowment assurance plan. In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.

132. Discount received is recorded on which of the following side of a cash book?

Receipts
Payments
Income
Expenditure
✅ The correct answer is B.
Discount Received is a column found on the credit side of the Cash Book.
When a creditor is paid and the business receives a discount the discount received and is recorded in the discount received column and the corresponding entry appears as a debit in the creditor’s account.

1481. Proceeds of company shares of sold stock is recorded in

preferred stock account
common stock account
due stock account
preceded stock account
✅ The correct answer is B.
Proceeds of company shares of sold stock is recorded in common stock account. The common stock account is a general ledger account in which is recorded the par value of all common stock issued by a corporation.
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