Consignment

MCQS | EACH QUESTIONS HAS FOUR POSSIBLE ANSWERS CHOOSE THE CORRECT ANSWER: | (1) | In accounting consignment means. | | (a) Goods forwarded from one place to another.(b) Goods forwarded by a person to another.
(c) Goods sent by its owner to his agent.
(d) Goods sent by its owner to his agent for the purpose by sale. (T) | (2) | Goods sent on consignment should be debited by consignor to: | | (a) Consignment A/c (T)(b) Goods sent on consignment A/c
(c) Consignees A/c
(d) Consignors A/c | (3) | In the books of consignor the balance of the consignment stock account would be shown: | | (a) As an asset in the balance sheet. (T)(b) As liability in the balance sheet.
(c) On the credit side of trading account.
(d) On the debit side of consignment account. | (4) | On the dispatch of goods, the entry in the books of consignee would be: | | (a) Consignment A/c will be debited and goods sent on consignment A/c will be credited.(b) Consignment A/c debit and consignee A/c credit
(c) No entry (T)
(d) None of above | (5) | The consignor is: | | (a) Principal (T) (b) Agent(c) Debtor (d) None of them | (6) | The consignee is: | | (a) Principal (b) Agent (T)(c) Buyer (d) Seller | (7) | Account sales is submitted by: | | (a) Consignor (b) Consignee (T)(c) Principal to his agent (d) Debtor to creditor | (8) | In the books of consignor, the expenses incurred by consignor should be debited to: | | (a) Consignees A/c (T) (b) Consignment A/c(c) Expenses A/c (d) Consignor’s A/c | (9) | In the books of consignor, the expenses incurred