Business Students
PREPARATION FOR NTS, CTS, FPSC, PPSC JOBS FOR BUSINESS STUDENTS
NTS PAST PAPERS MCQs
NTS PAPERS PREPARATION FOR PUNJAB FOOD AUTHORITY JOB 2019
PUNJAB FOOD AUTHORITY PAPERS PREPARATION
Advance Accounting Glossary:
Consignment is an act of sending the goods by the owner to
his agent, who agrees to collect, store and sell them on the risk and behalf of
the owner on commission basis.
The manufacturer or wholesaler who sends his goods to his
agent for sales is known as consignor.
The person to whom the goods are sent for sales purpose is
known as consignee.
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| Accounting Terms |
It is a forwarding letter sent by consignor to consignee
along with the goods containing particulars as to the name of the items,
quantity, weight and price.
A contract is defined as, making an agreement in business to
do certain work for consideration.
A person who agrees to do certain work for someone is called
contractor.
A person for whom some work is being done is called
contractee.
Contract Account?
Contract accounting may be defined as, the systematic
recording of the work done under each contract for a third party in
consideration who agrees to pay a fixed sum of money at the completion of full
work or part payment after the work is completed partially and is being
certified by the architect or surveyor.
Sub-Contract?
The transfer of some portion of the work to be done under
contract to a sub-contractor is known as sub-contract, e.g. special flooring,
steel work etc.
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| Accounting Terminology |
When a person is unable to acquire an asset against immediate
cash payment, or is not able to make payment within a stipulated period of
time, he may make some arrangements with the seller to stagger the payment.
This enable the purchaser to use the asset while paying for it by installments
over an agreed period of time. This type of business deal is known as hire
purchase transaction.
Its means an agreement under which goods are let on hire and
under which the hirer has an option to purchase them in accordance with the
terms of the agreement.
Hire purchaser or hirer is a person who acquires or obtains
the possession of goods from the seller under a hire purchase agreement.
Hire vendor is a person who delivers the goods to the hire
purchaser with intention to sell the goods under hire purchase agreement.
Down Payment.
This is the initial amount paid by the hire purchaser at the
time of signing the hire purchase agreement.
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