Note – Please take our quiz ‘Quiz 48 – Consignment – (Answers)‘ on this page before going through the below answers. Only the top 3% of our audience scored 10/10 in all of them.
- Name – Quiz 48 – Consignment – (Answers)
- Topic – Consignment
- Answers with Explanation
Q1. The _____ is the owner of the consignment stock.
Ans. The consignor is the owner of the consignment stock.
Q2. The consignee cannot return the unsold goods to the consignor.
Ans. The following statement is False. The consignee can return the unsold goods to the consignor.
Q3. _____ bears the loss of goods held with the consignee.
Ans. Consignor bears the loss of goods held with the consignee.
Q4. The consignment accounting is made on the following basis _____.
Ans. The consignment accounting is made on the following basis accrual.
Q5. The relationship between the consignor and consignee is that of a _____ and agent.
Ans. The relationship between the consignor and consignee is that of a principal and agent.
Q6. Proforma invoice is given by the consignee to the consignor.
Ans. The following statement is False. Proforma invoice is given by the consignor to the consignee.
Q7. _____ commission is paid to the consignee to bear the risk of the bad debts on the sale of consigned stock.
Ans. Del-credere commission is paid to the consignee to bear the risk of the bad debts on the sale of consigned stock.
Q8. Goods lost in transit is an abnormal loss.
Ans. The following statement is True.
Q9. Which of the following expenses of the consignee will be considered as non-selling expenses _____?
Ans. Insurance expense incurred by the consignee is considered a non-selling expense.
Q10. _____ commission is an extra commission allowed by the consigner to the consignee to promote sales.
Ans. Over-riding commission is an extra commission allowed by the consigner to the consignee to promote sales.