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Consignment Account Interview Questions

Below we have listed all the Consignment Account Interview Questions and answers. Feel free to comment on any Consignment Account Interview Questions or answer by the comment feature available on the page.

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Consignment occurs when goods are sent by their owner (the consignor) to an agent (the consignee), who undertakes to sell the goods. The consignor continues to own the goods until they are sold, so the goods appear as inventory in the accounting records of the consignor, not the consignee.

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Question
Rating
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When is Stock Consignment Account opened?
4.2 Rating
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What is the accounting treatment for normal loss?
4.3 Rating
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Give the journal entry in the books of consignor for commission payable to the consignee.
4.4 Rating
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Give the journal entry in the books of consignor for valuation of stock.
4.3 Rating
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Give the journal entry in the books of consignor for expenses incurred by the consignee.
3.9 Rating
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Who is a consignee?
3.6 Rating
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What is abnormal gain?
4.1 Rating
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How is abnormal gain calculated?
3.8 Rating
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What is the difference between Consignment and Sales?
4.7 Rating
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What is normal loss?
4.4 Rating
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Give the journal entry in the books of consignee on commission being earned.
4.1 Rating
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Who is a consignor?
4.2 Rating
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How to calculate value of unsold stock?
3.3 Rating
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Give the journal entry in the books of consignee on commission being earned.
4.7 Rating
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Explain the three accounts maintained by consignor.
4.3 Rating
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What is the accounting treatment for abnormal loss?
3.6 Rating
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Give the journal entry when consignment is partly sold.
3.0 Rating
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What do you mean by valuation of unsold stock in accounting for consignment of goods?
4.5 Rating
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What is stock reserve?
4.4 Rating
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Give the journal entry in the books of consignor on the consignee accepting a bill of exchange.
3.7 Rating
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India News Network
Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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