12th Class Principle of Accounting Online MCQ's Test with Answers for Chapter 3 (Consignment Accounts)

ICOM Part 2 English Medium Principles of Accounting Chapter 3 MCQ's Test

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ICOM Part 2 Principles of Accounting Chapter Wise Online MCQ's Test

MCQ's Test For Chapter 0 "Principles of Accounting Icom Part 2 English Medium Chapter 3 Online Test"

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

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Question # 1

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

Question # 2

Commission due to the consignee is calculated on.

Question # 3

The consignee acts entirely on behalf of the

Question # 4

The consignment outward books or journal is maintained by.

Question # 5

The person who sends the goods to his agent for the purpose of sale is called.

Question # 6

In consginee's books the payment of expense by consignee should be debited to

Question # 7

Account salesis submitted by.

Question # 8

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

Question # 9

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

Question # 10

Consignee is.

Question # 11

Dell creder commission is calculated on.

Question # 12

The parties involves in the consignment are.

Question # 13

Consignment signifies.

Question # 14

When the goods sent on consignment are sold by the consignee the account to be debited is.

Question # 15

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

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ICOM Part 2 English Medium Principles of Accounting Chapter 3 MCQ's Test

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ICom Part II Principles of Accounting Chapter 0 Important MCQ's

Sr.# Question Answer
1 In the books of consignor, the loss on the consignment should be crediterd to.
A. Consignment account
B. Consigneee 's account
C. Profit and loss account
D. Gppds sent on consignemnt
2 The unsold stock is valued at
A. Original cost of the goods
B. Market value of the goods
C. Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
D. Cost of market pric ewhich wver is the lower.
3 Consignor is also called.
A. Principal
B. Agent
C. Debtor of the consignee
D. Creditor of the consignee
4 Del-credere commission is allowed to cover.
A. Normal losses
B. Abnormal losses
C. Loss due to bad debts
D. None of these
5 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
6 For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.
A. Cash account
B. Consignee personal account
C. Consignment account
D. None of the above
7 The consignee acts entirely on behalf of the
A. Debtors
B. Creditors
C. Customer
D. Principal or consignor
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 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
10 the loss whihc arises due to natural causes such as evaporation etc is called.
A. Abnormal loss
B. Normal loss
C. Additional loss
D. None of these

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