Chapter # 3 Consignment Objective Type

1) The consignor sends goods to the consignee along with

A) Sales Invoice B) Proforma Invoice C) Invoice D) Both A and B
2) A consignee's point of view is called
A) Normal Consignment B) Outward Consignment C) Inward Consignment D) Routine Consignment
3) A consignment from consignor's point of view is called
A) Normal Consignment B) Outward Consignment C) Inward Consignment D) Routine Consignment
4) Consignment accounts represent:
A) Personal Account B) Real Account C) Nominal Account
5) Consignor's account represents:
A) Personal Account B) Real Account C) Nominal Account
6) Consignee's account represents:
A) Personal Account B) Real Account C) Nominal Account
7) The relationship between consignor and consignee is of:
A) Principal And Agent B) Seller And Buyer C) Debtor And Creditor D) Both A and B
8) The consignor is also called:
A) Creditor B) Debtor C) Agent D) Principal
9) The consignee is also called:
A) Creditor B) Debtor C) Agent D) Principal
10) Account sales represent:
A) Buyers B) Consignee C) Credit Sales D) Seller
11) Account sales and sales accounts are
A) Different In Meaning B) Antonymous Term C) Synonymous Term D) Similar In Meanings
12) A remuneration paid by the consignor to the consignee for the sale of goods is called
A) Commission B) Bonus C) Salary D) Wages
13) A remuneration paid by the consignor to the consignee for the security of credit sales
A) Del Creder Commission B) Credit Sales Commission C) Overriding Commission D) Commission
14) A remuneration paid by the consignor to the consignee for introducing new products
A) Overriding Commission B) Introductory Commission C) Simple Commission D) Commission
15) A remuneration paid by the consignor to the consignee may be in the form of :
A) All Of Above B) Del Creder Commission C) Overriding Commission D) Commission

16) Consignment outward book is prepared by:

A) Consignors B) Buyers C) Consignee D) Seller
17) Consignment inward book id prepared by:
A) Bonus B) Buyers C) Consignee D) Seller
18) Del creder commission is calculated through :
A) Cash Sales B) Credit Sales C) Total Sales D) None Of Above
19) Overriding commission is calculated on:
A) Total Sales B) Cash Sales C) Credit Sales D) Retail Sales
20) Proforma invoice and account sales are :
A) Homogenous Terms b) Similar Terms C) Different Terms

21) If del creder commission is given, responsible for bad debts will be:
A) Consignor B) Consignee C) Debtor D) Principal
22) From Whom Account Sales Is Sent
A) Consignor B) Consignee C) Debtor D) Principal

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 23) An unavoidable loss represents:
A) Abnormal Loss B) Normal Loss C) Accidental Loss

24) Normal loss represent:

A) Unavoidable Loss B) Natural Loss C) Routine Loss D) All Of Above

25) A loss that can be controlled through precautionary measures is called:

A) None Of These B) Routine Loss C) Abnormal Loss D) Natural Loss
26) Abnormal loss represents:
A) Avoidable Loss B) Extra Ordinary Loss C) Artificial Loss D) All Of Above
27) In consignment abnormal loss is credited to:
A) Profit And Loss B) Trial Balance C) Consignment
28) Stock on consignment is presented in the balance sheet of:
A) Both A And B B) Consignee C) Consignor D) Buyer
29) After the normal loss the value of the remaining stock will:
A) None Of Above B) No Effect C) Decrease D) Increase
30) The act of adjusting invoice price to the cost price is called:
A) Loading B) Unloading C) Costing D) Balancing
31) Abnormal loss arises due to:
A) Leakage, Evaporation B) Accident C) Theft, Fire D) Both A And B
32) Overriding commission is debited to:
A) Consignee Account B) Consignment Account C) Consignor Account
33) Freight paid by the consignee is credited to:
A) Consignor Account B) Consignee Account C) Consignment Account
34) Go down rent paid by consignee is credited to:
A) Consignor Account B) Consignee Account C) Consignment Account
35) Normal loss is credited to
A) Consignee Account B) Consignment Account C) Consignor Account
36) Del creder commission is given to the consignee for:
A) Surety For Recovery On Credit Sales B) For Sale C) Sale
37) Losses that occur due to the loading or unloading of goods, leakage, or shrinking are called:
A) Both A And B B) Normal C) Abnormal D) None Of Above
38) What account will be debited in consignor's book in the presence of del credit commission on credit sales:
A) Consignor Account B) Consignee Account C) Consignment Account
39) The profit on consignment in the book of the consignor should be credited to:
A) Profit And Loss Account B) Consignee Account C) Consignment Account D) None Of Above
40) When goods are sent to a consignee higher than the cost it represent:
A) Invoice Price B) Market Price C) Cost Price D) Future Value
41) What entry will be passed by the consignor when goods are sold by consignee:
A) Consignee's Account B) Sales Account C) Cash Account D) None Of Above
To Consignment Account To Consignment Account To Consignment Account
42) Discount on bills receivable is :
A) Consignment Expense B) Financial Expense C) Consignee's Expense
43) In the books of the consignor for expenses paid by the consignee the entry would be
A) Consignee's Account B) Consignment Account C) Consignee's Account D) Consignor's Account
To Consignment Account To Consignee's Account To Cash Account To Cash Account

Sir Imran Ali ([Link])