Test Paper on Consignment

The statement sent by consignee is called

• invoice

• proforma invoice

• account sales

• all of the above

The commission given for bearing bad debts is called

• underwriting commission

• overriding commission

• delcredere commission

• all of the above

Balance in goods sent on consignment is transferred to

• Profit and Loss account

• Trading account

• consignment

• none of threse

An example of a non recurring expense

• freight

• salesman commission

• sales expense

• all of the above

Abnormal loss is valued at

• invoice price

• cost price

• both invoice price and cost price

• none of the above

Distinguish between consignment and sale

What are the journal entries to be recorded in the books of consignee?

What are the features of consignment?

Solve the above

Solve