Consignment Accounts

In accounting, consignment signifies

• goods forwarded from one place to another

• goods forwarded by one person to another

• goods despatched by the owner to its agent

• goods despatched by the owner to its agent for the purpose of sale

For expenses incurred by consignor, this account is debited.

• Consignor

• Consignment

• Consignee

• Bank

Commission on consignment is _________ to consignee.

• Expense

• Loss

• Income

• Asset

Select two or more correct options:

Consignment expenses are incurred by

• Consignee

• Consignor

• Debtor

• Creditor

Select two or more correct options:

These are the important ledger accounts in the books of Consignor

• Consignment Account

• Consignee Account

• B/R Account

• Bad Debts Account

Account sales is submitted by consignee to the consignor.

• True

• False

A consignee is paid del- credere commission for bearing the risk of bad debts on account of credit sales made by him.

• True

• False

Sales account and account sales are synonymous terms.

• True

• False

The document giving the description of goods and their minimum selling price sent to the consignee by the consignor is known as ————————-

Del-Credere commission is normally calculated on ———————- sales.