Consignment
MCQS | EACH QUESTIONS HAS FOUR POSSIBLE ANSWERS CHOOSE THE CORRECT ANSWER: | (1) | In accounting consignment means. | | (a) Goods forwarded from one place to another.(b) Goods forwarded by a person to another.
(c) Goods sent by its owner to his agent.
(d) Goods sent by its owner to his agent for the purpose by sale. (T) | (2) | Goods sent on consignment should be debited by consignor to: | | (a) Consignment A/c (T)(b) Goods sent on consignment A/c
(c) Consignees A/c
(d) Consignors A/c | (3) | In the books of consignor the balance of the consignment stock account would be shown: | | (a) As an asset in the balance sheet. (T)(b) As liability in the balance sheet.
(c) On the credit side of trading account.
(d) On the debit side of consignment account. | (4) | On the dispatch of goods, the entry in the books of consignee would be: | | (a) Consignment A/c will be debited and goods sent on consignment A/c will be credited.(b) Consignment A/c debit and consignee A/c credit
(c) No entry (T)
(d) None of above | (5) | The consignor is: | | (a) Principal (T) (b) Agent(c) Debtor (d) None of them | (6) | The consignee is: | | (a) Principal (b) Agent (T)(c) Buyer (d) Seller | (7) | Account sales is submitted by: | | (a) Consignor (b) Consignee (T)(c) Principal to his agent (d) Debtor to creditor | (8) | In the books of consignor, the expenses incurred by consignor should be debited to: | | (a) Consignees A/c (T) (b) Consignment A/c(c) Expenses A/c (d) Consignor’s A/c | (9) | In the books of consignor, the expenses incurred
(c) Goods sent by its owner to his agent.
(d) Goods sent by its owner to his agent for the purpose by sale. (T) | (2) | Goods sent on consignment should be debited by consignor to: | | (a) Consignment A/c (T)(b) Goods sent on consignment A/c
(c) Consignees A/c
(d) Consignors A/c | (3) | In the books of consignor the balance of the consignment stock account would be shown: | | (a) As an asset in the balance sheet. (T)(b) As liability in the balance sheet.
(c) On the credit side of trading account.
(d) On the debit side of consignment account. | (4) | On the dispatch of goods, the entry in the books of consignee would be: | | (a) Consignment A/c will be debited and goods sent on consignment A/c will be credited.(b) Consignment A/c debit and consignee A/c credit
(c) No entry (T)
(d) None of above | (5) | The consignor is: | | (a) Principal (T) (b) Agent(c) Debtor (d) None of them | (6) | The consignee is: | | (a) Principal (b) Agent (T)(c) Buyer (d) Seller | (7) | Account sales is submitted by: | | (a) Consignor (b) Consignee (T)(c) Principal to his agent (d) Debtor to creditor | (8) | In the books of consignor, the expenses incurred by consignor should be debited to: | | (a) Consignees A/c (T) (b) Consignment A/c(c) Expenses A/c (d) Consignor’s A/c | (9) | In the books of consignor, the expenses incurred