Question # 1

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

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

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Consignment account

Consignnors account

Cash account

None of these

The abnormal loss on consignemnt is credited to.

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Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

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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Commission account

Consignee's personal account

Consignement account

None of these

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

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 relation ship between consignor and consignee is thet of.

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Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

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 the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment 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

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

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