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12th Principles of Accounting Chapter 3 Test

Here you can prepare 12th Class Principles of Accounting Chapter 3 Consignment Accounts Test. Click the button for 100% free full practice test.

12th class Principle of Accounting chapter 3 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 3 (Consignment Accounts)

This online test contains MCQs about following topics:

. Consignment Concept . Difference between Goods Consigned and Goods Sold . Important Terms and Concepts . Valuation of Unsold Stock . Normal Losses . Abnormal Losses

ICOM Part 2 Accounting Ch 3 Test
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12th class Principle of Accounting chapter 3 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 3 (Consignment Accounts)

Sr. # Questions Answers Choice
1 In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.
  • A. Salary
  • B. Wages
  • C. Profit
  • D. Commission
2 When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.
  • A. Cash account
  • B. Consignor 's personal account
  • C. Consignment account
  • D. None of these
3 The relation ship between consignor and consignee is thet of.
  • A. Buyer and seller
  • B. Debtorsde creditor
  • C. Whole seller or retailer
  • D. Principal and agent
4 The consignment inward book or journalis matinained by.
  • A. Consignor
  • B. Consignee
  • C. Customer
  • D. Debtors
5 The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
  • A. Normal losses
  • B. Additional loss
  • C. Abnormal losses
  • D. Both abnormal and normal loss
6 In the books of consignor on reciving advance in cash from consignee should be debited to.
  • A. Cash account
  • B. Consignee account
  • C. Consignment account
  • D. None of these
7 Consignment signifies.
  • A. Goods despatched by the owner to his agent
  • B. Goods forwarded by the creditor to his debtor
  • C. Goods forwarded from one place to another
  • D. Goods sent by the owner to his agent for the purpose of sale.
8 The persons to whom the goods are dispatched for the purpsoe of sales is called.
  • A. Debtor
  • B. Consignee
  • C. Consignor
  • D. None of these
9 In the books of consignee the sale of goods by the consigee credited to.
  • A. Sales account
  • B. Consignor account
  • C. Consignee's account
  • D. None of these
10 Over riding commission is calculated on.
  • A. Cash sales only
  • B. Credit sales only
  • C. Total sales
  • D. None of the above

Top Scorers of Principles of Accounting Icom Part 2 English Medium Chapter 3 Online Test

S

Subtain Ahmed Raza

Lahore15 - Jul - 2023

14/15
02 Mins 56 Sec
F

Fatima Butt

Lahore03 - Aug - 2023

12/15
04 Mins 12 Sec

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