top 500 mcqs of accounting

Del credere commission is given by?

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A. Consigner to the consigneeB. Seller to buyerC. Creditor to the debtorD. None of these Brief facts about Del credere commission: Del credere commission is given by the consigner to the consignee. Moreover, Del Credere Commission is a special commission given by the consignor to the consignee. When the commission is given, the consignee undertakes … Read more

When the future liability may or may not occur, it is better known as?

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A. Future liabilityB. Contingent liabilityC. Fixed liabilityD. None of these Brief facts about Contingent Liability: When the future liability may or may not occur, it is better known as a contingent liability. This type of liability may or may not occur due to the happening or not happening of certain reasons. There may be some … Read more