Question # 1

Consignee is.

Choose an answer

A principal

An agent

A debtor

A creditor

Dell creder commission is calculated on.

Choose an answer

Total sales

Cash sales

Credit sales

None of these

Abnormal loss arises due to.

Choose an answer

Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

the loss whihc arises due to natural causes such as evaporation etc is called.

Choose an answer

Abnormal loss

Normal loss

Additional loss

None of these

Consignee account is of the natur eof.

Choose an answer

Personal account

Nominal account

Real account

None of these

For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.

Choose an answer

Commission account

Consignee's personal account

Consignement account

None of these

Consignor is also called.

Choose an answer

Principal

Agent

Debtor of the consignee

Creditor of the consignee

In the books of consignor on reciving advance in cash from consignee should be debited to.

Choose an answer

Cash account

Consignee account

Consignment account

None of these

In case of del creder commission the liability of bad debts is on

Choose an answer

Consignee

Consignor

Both on consignee and consignor

None of the above

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

Choose an answer

Consignment account

Cash account

Consignor account

None of these

In consginee's books the payment of expense by consignee should be debited to

Choose an answer

Consignment account

Consignnors account

Cash account

None of these

The unsold stock is valued at

Choose an answer

Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

Choose an answer

Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

Over riding commission is calculated on.

Choose an answer

Cash sales only

Credit sales only

Total sales

None of the above

the profit on consignment in the books of the consignor should be deited to.

Choose an answer

Consignnment account

Profit and loss account

Consignee 's account

None of these

The relation ship between consignor and consignee is thet of.

Choose an answer

Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

More Classes

Other Links

Principles of Accounting Icom Part 2 English Medium Chapter 3 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer