| MCQS | EACH QUESTIONS HAS FOUR POSSIBLE ANSWERS CHOOSE THE CORRECT ANSWER: |
| (1) | In accounting consignment means. |
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| (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)
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| (2) | Goods sent on consignment should be debited by consignor to: |
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| (a) Consignment A/c (T) (b) Goods sent on consignment A/c
(c) Consignees A/c
(d) Consignors A/c
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| (3) | In the books of consignor the balance of the consignment stock account would be shown: |
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| (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.
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| (4) | On the dispatch of goods, the entry in the books of consignee would be: |
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| (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
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| (5) | The consignor is: |
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| (a) Principal (T) (b) Agent (c) Debtor (d) None of them
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| (6) | The consignee is: |
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| (a) Principal (b) Agent (T) (c) Buyer (d) Seller
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| (7) | Account sales is submitted by: |
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| (a) Consignor (b) Consignee (T) (c) Principal to his agent (d) Debtor to creditor
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| (8) | In the books of consignor, the expenses incurred by consignor should be debited to: |
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| (a) Consignees A/c (T) (b) Consignment A/c (c) Expenses A/c (d) Consignor’s A/c
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| (9) | In the books of consignor, the expenses incurred by consignee should be debited to: |
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| (a) Consignee A/c (b) Consignment A/c (T) (c) Expenses A/c (d) Consignor’s A/c
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| (10) | In the books of consignor the acceptance of bills of exchange by the consignee will be credited to: |
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| (a) Consignment A/c (b) Consignment A/c (T) (c) Income A/c (d) Consignor’s A/c
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| (11) | In the books of consignor the acceptance of bills of exchange by the consignee will be credited to: |
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| (a) Consignment A/c (b) Consignee’s A/c (T) (c) Bill receivable A/c (d) Bills payable A/c
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| (12) | In the books of consignor the abnormal loss should be credited to: |
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| (a) Profit & loss A/c (b) Consignment A/c (T) (c) Trading A/c (d) Consignees A/c
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| (13) | In case of delcreder commission, the liability for bad debits is on: |
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| (a) Consignor (b) Consignee (T) (c) Customer (d) None of the above
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| (14) | In the books of consignor, the balance in the goods sent on consignment account is shown: |
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| (a) On the asset side to balance sheet. (b) On the liability side of balance sheet.
(c) On the credit side of trading A/c (T)
(d) On the credit side of consignment A/c
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| (15) | In the books of consignee the expenses incurred by him on consignment are debited to: |
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| (a) Consignment A/c (b) Cash A/c (c) Consignor’s A/c (T) (d) Expense A/c
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| (16) | In the books of consignee, the sale of goods is credited to: |
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| (a) Consignor’s A/c (T) (b) Sales A/c (c) Consignee’s A/c (d) Cash A/c
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| (17) | The term A/c and sale A/c are ________________ in nature. |
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| (a) Parallel (b) Some (c) Equal (d) Different (T)
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| (18) | The consignment inward book or journal is maintained by ________. |
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| (a) Customer (b) Consignee (T) (c) Debtor (d) Customer
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| (19) | The consignee acts entirely on behalf of the: |
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| (a) Customer (b) Debtor (c) Consignor (T) (d) Creditor
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| (20) | Del – creder commission is calculated on: |
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| (a) Credit sales (b) Cash sales (c) Total sale (d) Both (a) and (b) (T)
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| (21) | Consignee A/c is the nature of: |
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| (a) Nominal A/c (b) Personal A/c (T) (c) Real A/c (d) None
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| (22) | Normal losses are due to: |
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| (a) Avoidable factor (b) Unavoidable (T) (c) Contingent (d) None
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| (23) | In consignee book, the acceptance of bill of exchange by consignee will be debited to: |
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| (a) Trading A/c (b) Consignor A/c (T) (c) Balance payable A/c (d) Consignee A/c
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