Consignment Account - Terminologies - SS3 Accounting Past Questions and Answers - page 1
Who is the person who sends the goods in a consignment account?
Consignor
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Consignee
Customer
Vendor
What is a consignment note in a consignment account?
A document detailing the sales proceeds
A document detailing the unsold stock
A document detailing the goods sent by the consignor to the consignee
A document detailing the commission owed to the consignee
What is the amount paid by the consignor to the consignee for selling the goods in a consignment account?
Sales proceeds
Unsold stock
Commission
Consignment inventory
What is the process of reconciling the sales proceeds with the commission owed to the consignee and any expenses incurred during the consignment period called in a consignment account?
Consignment period
Account settlement
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Consignment note
Consignment inventory
What are the goods that remain with the consignee after the consignment period has ended in a consignment account called?
Sales proceeds
Unsold stock
Commission
Consignment inventory
Who is the person who receives the goods from the consignor for sale in a consignment account?
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