Consignment Account - Terminologies - SS3 Accounting Past Questions and Answers - page 1
Who is the person who sends the goods in a consignment account?
Consignor
Consignee
Customer
Vendor
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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
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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
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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
Consignment note
Consignment inventory
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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
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What is a consignment account used for?
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Who is the person who receives the goods from the consignor for sale in a consignment account?
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