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

Question # 1

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

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Question # 2

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

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Question # 3

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

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Question # 4

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

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Question # 5

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

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Question # 6

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

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Bonus

Commission

Del creder commision

Credit commission

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Question # 7

Consignor is also called.

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Principal

Agent

Debtor of the consignee

Creditor of the consignee

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Question # 8

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

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Question # 9

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

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Question # 10

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

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Cash account

Consignee personal account

Consignment account

None of these

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Question # 11

The parties involves in the consignment are.

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Two

Three

Four

Five

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