Consignment Accounts

For the expenses incurred by the consignor, this account is debited.

• Consignment Inwards

• Consignee

• Consignment Outwards

• Consignor

The consignee has to prepare a statement to the consignor which shows affairs relating to the consignment. It is called the?

• Invoice

• Account Sales

• Cheque

• Sight Draft

Which of the following is correct?

• The Consignor is the person who owns the goods and sends them to the agent

• The Consignor is the person who receives and sells the goods

• The Consignor is the person who receives a del credere commission

• The Consignor is the agent who sells the goods

Which of the following is correct?

• The Consignee is the person who owns the goods and sends them to the agent

• The Consignee is the person who pays the del credere commission

• The Consignee is the trader or principal

• The Consignee is the person who receives and sells the goods

The remuneration (payment) to the consignee for selling the goods of the consignor is called a?

• Interest

• Dividend

• Commission

• Salary

The statement sent by the consignee is called the?

• all of the above

• account sales

• proforma invoice

• invoice

This is paid to the consignee if he bears the risk of the bad debts.

• Ordinary commission

• Del credere Commission

• Overriding commission

• None of the Above

In the books of the consignee the cash received from the debtor should be debited to the:

• Consignor's account

• Sundry debtor's account

• Consignee's account

• Cash account

In the consignee's books, the payment of expenses by the consignee should be debited to:

• Consignment Inwards account

• Consignment Outwards account

• Consignor’s account

• Cash account

The relationship between consignor and consignee is that of:

• Buyer and seller

• Debtor and creditor

• Trader and agent

• None of these