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

Question # 1

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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Question # 2

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

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Question # 3

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

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Question # 4

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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Question # 5

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 # 6

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 # 7

The consignee acts entirely on behalf of the

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Debtors

Creditors

Customer

Principal or consignor

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Question # 8

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

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Question # 9

Consignee is.

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A principal

An agent

A debtor

A creditor

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Question # 10

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 # 11

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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