Consignment Account - Terminologies - SS3 Accounting Past Questions and Answers - page 1
1
Who is the person who sends the goods in a consignment account?
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A
Consignor
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B
Consignee
C
Customer
D
Vendor
2
What is a consignment note in a consignment account?
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A
A document detailing the sales proceeds
B
A document detailing the unsold stock
C
A document detailing the goods sent by the consignor to the consignee
D
A document detailing the commission owed to the consignee
3
What is the amount paid by the consignor to the consignee for selling the goods in a consignment account?
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A
Sales proceeds
B
Unsold stock
C
Commission
D
Consignment inventory
4
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?
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A
Consignment period
B
Account settlement
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C
Consignment note
D
Consignment inventory
5
What are the goods that remain with the consignee after the consignment period has ended in a consignment account called?
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A
Sales proceeds
B
Unsold stock
C
Commission
D
Consignment inventory
7
Who is the person who receives the goods from the consignor for sale in a consignment account?
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