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Accounting for consignment Multiple choice questions (MCQs) Quiz
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ABOUT THIS QUIZ:
- Chapter: Accounting for consignment
- Quiz Type: Multiple choice questions (MCQs) quiz
- Number of MCQs: 30
- Total Points: 30
- Approximate Time Required: 15 – 20 minutes
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Question 1 of 30
1. Question
The relationship between consignor and consignee is that of:
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Question 2 of 30
2. Question
Consignee becomes consignor’s debtor when the goods are:
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Question 3 of 30
3. Question
If no agreement regarding the responsibility of loss exists between consignor and consignee, the loss of goods resulting from accident, fire or theft etc. would be born by the:
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Question 4 of 30
4. Question
According to traditional classification of accounts, the type of consignment account is:
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Question 5 of 30
5. Question
Del credere commission is calculated on:
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Question 6 of 30
6. Question
Del credere commission is allowed to cover:
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Question 7 of 30
7. Question
According to traditional classification, the nature of consignee account is:
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Question 8 of 30
8. Question
Which of the following items may be shown by an account sales:
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Question 9 of 30
9. Question
Proforma invoice is a document which is prepared by:
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Question 10 of 30
10. Question
Which of the following is a correct journal entry to record the loss incurred by a consignment:
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Question 11 of 30
11. Question
No entry is made for the loss, the amount of loss is absorbed by good units. This statement belongs to:
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Question 12 of 30
12. Question
Overriding commission is granted to consignee for
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Question 13 of 30
13. Question
A consignee is entitled to a 10% ordinary and a 5% del credere commission. If cash sales are $50,000 and credit sales are $25,000, the total commission would be:
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Question 14 of 30
14. Question
The profit generated or loss incurred by a consignment is shown by the:
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Question 15 of 30
15. Question
If the consignor is a manufacturer, which of the following journal entries should he make to close the goods sent on consignment account?
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Question 16 of 30
16. Question
Goods costing $50,000 are consigned at a proforma invoice of cost plus 20%. The consignment account will be debited by:
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Question 17 of 30
17. Question
Which one of the following is not credited to consignment account?
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Question 18 of 30
18. Question
Which one of the following is not a non-recurring expense in consignment?
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Question 19 of 30
19. Question
The consignor does not keep a record of consignment related debtors when:
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Question 20 of 30
20. Question
A loss which occurs due to natural causes and which is not avoidable is known as:
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Question 21 of 30
21. Question
Which of the following expenses should not be taken into account while calculating the value of stock on consignment?
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Question 22 of 30
22. Question
In consignment, the ownership to goods:
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Question 23 of 30
23. Question
Mr. Arfan of Mumbai consigned goods to Mr. Nabeel of Nagpur. The following selected data is provided to you:
- Goods consigned: 2,000 units @ Rs 100 per unit
- Goods sold: 1,900 units @ Rs 1,200 per unit
- Unsold stock with consignee: 100 units
- Non-recurring expenses paid by consignor: Rs 2,400
- Non-recurring expenses paid by consignee: Rs 1,600
- Recurring expenses paid by consignee: Rs 1,000
Based on the data given above, the value of stock on consignment is:
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Question 24 of 30
24. Question
A loss that is highly controllable or avoidable is referred to as:
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Question 25 of 30
25. Question
If del credere commission is given, the consignee will debit the amount of bad debts to:
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Question 26 of 30
26. Question
Which of the following accounts will be credited by the consignee when he sells the goods?
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Question 27 of 30
27. Question
Which of the following is a correct journal entry in the books of consignee when he pays expenses in respect of consignment:
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Question 28 of 30
28. Question
Which of the following is a correct statement about stock on consignment?
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Question 29 of 30
29. Question
The nature of goods sent on consignment account is:
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Question 30 of 30
30. Question
Which one of the following is a correct statement about stock reserve?
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