Consignment Accounting Problem Solving: Understanding Consignment Sales Accounting Entries
Interactive Video
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Business, Social Studies
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10th Grade - University
•
Practice Problem
•
Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of consignment accounting as introduced in the session?
Managing inventory levels
Calculating profit margins
Invoicing goods above cost price
Recording sales transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the loading on goods calculated in consignment accounting?
By multiplying the cost price by the invoice price
By adding the cost price to the invoice price
By subtracting the cost price from the invoice price
By dividing the invoice price by the cost price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the entry for consigner's expenses in consignment accounting?
Consignment account debit to cash/bank
Cash/bank debit to consignment account
Consignment account credit to cash/bank
Cash/bank credit to consignment account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are goods returned by the consignee recorded?
At the discounted price
At the invoice price
At the cost price
At the market price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the loading when goods are returned?
It is reversed
It is added to the consignment account
It is doubled
It is ignored
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who bears the loss of bad debts in consignment accounting?
The consignee
The bank
The consigner
The customer
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the commission rate for Kantilal on total sales?
3% normal commission and 1% del credere commission
6% normal commission and 2% del credere commission
5% normal commission and 3% del credere commission
4% normal commission and 2% del credere commission
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