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

Question # 1

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

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Question # 2

Dell creder commission is calculated on.

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Total sales

Cash sales

Credit sales

None of these

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Question # 3

Over riding commission is calculated on.

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Cash sales only

Credit sales only

Total sales

None of the above

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Question # 4

The parties involves in the consignment are.

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Two

Three

Four

Five

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Question # 5

The unsold stock is valued at

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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.

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Question # 6

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

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Commission account

Consignee's personal account

Consignement account

None of these

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Question # 7

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

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Question # 8

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

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Question # 9

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

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Question # 10

When the goods sent on consignment are sold by the consignee the account to be debited is.

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Cash account

Consignee personal account

Consignment account

None of these

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Question # 11

The person who sends the goods to his agent for the purpose of sale is called.

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Consignor

Consignee

Debtor

Creditor

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