Consignment Accounting Problem Solving: Ledger Accounts and Transactions
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Business
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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
Who is the consigner in the given consignment scenario?
Ryan Company
Buddha Parties
Royal Company
Karan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the commission rate Karan receives on sales?
3% ordinary commission and 2% del credere commission
4% ordinary commission and 1% del credere commission
5% ordinary commission and 1% del credere commission
4% ordinary commission and 2% del credere commission
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account is credited when cash sales are recorded in the consigner's books?
Consignment Account
Karan Account
Sales Account
Cash Bank Account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the cost of goods sold calculated for cash sales?
Selling price divided by 150 and multiplied by 100
Selling price divided by 100 and multiplied by 125
Selling price divided by 125 and multiplied by 100
Selling price divided by 100 and multiplied by 150
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the closing stock value calculated in the consignment?
60,000
50,000
30,000
40,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the absence of settlement instructions, what happens to the balance in the consignee's account?
It is written off as a loss
It is transferred to the consigner
It is recorded as a profit
It is carried forward
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to bad debts when a del credere commission is involved?
They are ignored
They are borne by the consignee
They are borne by the consigner
They are shared equally
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