Question # 1

In the books of consignor, the loss on the consignment should be crediterd to.

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Consignment account

Consigneee 's account

Profit and loss account

Gppds sent on consignemnt

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

The unsold stock is valued at

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Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

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Consignment account

Cash account

Consignor account

None of these

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

The parties involves in the consignment are.

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Two

Three

Four

Five

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

In case of del creder commission the liability of bad debts is on

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Consignee

Consignor

Both on consignee and consignor

None of the above

For the stock unsoled with the consignee wil the debited in the books of the consignor.

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Stock on consignment account

Consignment

Consignee account

None of the above

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

the profit on consignment in the books of the consignor should be deited to.

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Consignnment account

Profit and loss account

Consignee 's account

None of these

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

In consignment , the remuneration allowd to consignee for selling the goods of the consignor, is termed as.

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Salary

Wages

Profit

Commission

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

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