ACCOUNTING MCQ questions for consignment accounts Add Comment MCQ questions and answers for consignment accounts 1. Departmental accounting facilitates A. evaluating departmental efficiency B. intelligent planning and control C. comparison of trading results D. All of the above 2. According to traditional classification of accounts, the type of consignment account is: A. personal B. nominal C. real D. valuation 3. Sales are basis of apportionment in case of: A. after sales services B. freight outwards C. travelling salesman’s commission D. all of the above 4. Which method is used by small concerns? A. single entry B. unitary method C. independent form D. columnar form 5. Proforma invoice is a document which is prepared by: A. the carrier and is sent to both consignor and consignee B. the consignor and is sent to the consignee C. both consignor and consignee and is sent to each other D. the consignee and is sent to the consignor 6. No entry is made for the loss, the amount of loss is absorbed by good units. This statement belongs to: A. bad debts loss B. normal loss C. abnormal loss D. all of the above 7. Del credere commission is allowed to cover: A. abnormal loss B. normal loss C. both a and b D. bad debt loss 8. Which of the following items may be shown by an account sales: A. Type and quantity of goods sold B. Consignee’s commission and expenses C. Per unit sales price D. all of the above 9. Consignee becomes consignor’s debtor when the goods are: A. sold by consignee B. shipped by the consignor C. returned by consignee D. received by consignee 10. If the consignor is a manufacturer, which of the following journal entries should he make to close the goods sent on consignment account? A. Trading account Dr. and Goods sent on consignment Cr. B. Goods sent on consignment Dr. and Trading account Cr. C. Goods sent on consignment Dr. and Purchases account Cr. D. Purchases account Dr. and Goods sent on consignment Cr. Loading …
