Accounting for consignment
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Question: 1
facilitates business expension without much initial and additional on going costs.
Question: 2
is a document which contains details about sales, expenses and consignee's commission.
Question: 3
An account sales is prepared and sent by the .
Question: 4
is a document which is prepared and sent by the consignor along with the goods.
Question: 5
account is used to compute profit on consignment.
Question: 6
Consignment account is a account.
Question: 7
expenses are included while computing the value of stock on consignment.
Question: 8
The stock on consignment is valued at cost or whichever is .
Question: 9
expenses are ignored while computing the value of stock on consignment
Question: 10
If cash sales are $25,000, credit sales are $75,000 and consignee's del credre commission is 10%, the amount of del creder commission will be .
Question: 11
Use of invoice price method helps keep the profit .
Question: 12
In balance sheet, the balance of account is deducted from stock on consignment.
Question: 13
commission is allowed to consignee who gaurantees the payment in case a fails to pay.
Question: 14
commission is paid for promoting a new product in the market or acheiving a specific sales target.
Question: 15
When goods are returned by consignee, the consignment account is .
Question: 16
In consignment, the consignee works as consignor's .
Question: 17
In consignment, the loss is ignored.
Question: 18
A consignor prepares proforma invoice to show a profit of 20% on cost. If the invoice price of goods consigned is $150,000, the cost should be .
Question: 19
The expenses on return of goods by consignee to consignor are untimately born by the .
Question: 20
If invoice price method is adopted, the of excess price on goods sent is required to compute the correct .
Question: 21
The relationship between consignor and consignee is that of and .
Question: 22
The accompnied with the goods works as a prime document for custome clearance in case of international consignments.
Question: 23
The loss is debited to the consignment account.
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