Consignment-Test 2

Relationship between consignor and consignee is as a ————–

Balance in consignment account shows:

Profit and loss on consignment is ————-

The price shown in the proforma invoice is generally .

Consignment stock A/C is a ————–

On receipt on goods the consignee debits which of these accounts.

The consignor is a/an ——————-

The consignee is a/an ————-

When goods sent on consignment are sold by the consignee, the account to be debited is ————–

Goods sent on consignment account is of the nature of ———-

While valuing closing stock lying with consignee which of these expenses is taken into consideration .

Normal loss is credited to ————-

Unloading of goods sent on consignment is debited to ————-

On receipt of advance from consignee in books of consignor which account should be credited.

Accounts sales is rendered by ———

Accounts sales indicates ————–

The main objective of sending goods at invoice price is to ————–

The unsold stock is valued at ————

The balance of consignment stock is shown ————

Where Normal loss and abnormal loss occur at the same time the abnormal loss is calculated on ————–

Periodic statement furnished by the consignee to consignor is ————-

While valuing closing stock on consignment, The ———-expenses incurred by consignor are added to the cost of stock.

Where goods are sent on consignment ,Credit is given to ————— in the books of consignor.

Balance of consignment Account indicates ————-

When, stock reserve account is created————

Which of the following details are contained in account sales:

Cost of goods include ———–

Which of the following is true ?

Which of the following is not true ?

Consignment stock is valued at cost or net realizable value which is ————–