Consignment Accounts

In consignment, sender of goods is called _________________.

• Consignee

• Consignor

• Debtor

• Creditor

Commission on consignment is _________ to consignee.

• Expense

• Loss

• Income

• Asset

Select two or more correct options:

Consignment expenses are incurred by

• Consignee

• Consignor

• Debtor

• Creditor

Select two or more correct options:

These are the important ledger accounts in the books of Consignor.

• Consignment Account

• Consignee Account

• Bills Receivable Account

• Bad Debts Account

Consignee has to prepare a statement to consignor which shows affairs relating to the consignment.

• Invoice

• Sight Draft

• Account Sales

• Cheque

Another name to which the consignor is called

• Consignee

• Principal

• Retailer

• Customer

Is consignment the same as making a sale?

• True

• False

Which of the following correctly defines DEL CREDERE COMMISSION?

• Additional payment to the consignee over and above regular commission

• Document sent by the consignee to the consignor giving details of the sales commission

• remuneration for services performed by the consignee as a commission

• When goods are sent to an agent as commission

Which of the following is correct?

• The Consignor is the person who owns the goods and sends them to the agent

• The Consignor is the person who receives and sells the goods

• The Consignor is the person who receives the a del credere commission

• The Consignor is the agent who sells the goods

P. Taylor, a consignee, submitted an Account Sales to Terry’s Wholesalers, a consignor,

showing that he had sales of 300 items at $25 each, Landing Charges $680, Duties and

Taxes $1 200 and a 5% commission. How much should be indicated as the amount due

to Terry’s Wholesalers? (BGCSE 2005)

• $5 245

• $5 620

• $7 125

• $7 500