Practise 29 real Federal Board questions on Consignment Accounts from 2023 to 2026. See the answer and explanation as soon as you answer.
Consignment Accounts is one of the 10 main chapters in our Federal Board I.Com Accounting question bank (12th class), and about 8% of its real questions come from it. Tayyari Karo has 29 real questions on this chapter from 2023 to 2026; 15 are multiple choice and marked instantly, and the rest are short and long questions with a model answer. By difficulty: 15 medium, 9 easy, 5 hard.
Work through the questions below, then open the explanation for each one. Redo the ones you missed a few days later.
These are real past-paper questions. Think of your answer first, then open the explanation.
The act of sending goods by owner to his agent for sale is called:
Answer: A. Consignment
Consignment is the act of sending goods by the owner (consignor) to an agent (consignee) for sale on the owner's behalf.
The amount paid to consignee if he takes the risk of bad debts is known as:
Answer: D. Delcredere commission
Delcredere commission is extra commission paid to a consignee who bears the risk of bad debts on credit sales made on the consignor's behalf.
In books of consignor, commission on consignment should be credited to:
Answer: D. Consignee's A/C
Commission payable to the consignee is debited to Consignment account and credited to the Consignee's personal account (as it is owed to them).
The consignee sells the goods on behalf of:
Answer: C. Consignor
The consignee acts as an agent, selling the goods on behalf of the consignor (the owner of the goods).
Abnormal loss does NOT occur due to:
Answer: D. Leakage
Leakage (a normal, expected loss due to the nature of goods) is a normal loss, not abnormal; fire, accident, and theft are abnormal losses.
The Book which is maintained by consignor to keep full record of the goods consigned is called ________ book.
Answer: A. Consignment outward
The consignor maintains a Consignment Outward book to record full details of goods sent out on consignment.
Briefly explain "Proforma invoice".
A Proforma invoice is a document sent by the consignor to the consignee along with (or in advance of) goods sent on consignment, showing details, quantities and values of the goods, but which is not a demand for payment — it merely informs the consignee of what is being sent for sale on the consignor's account.
Briefly explain 'Consignment inward' and 'Consignment outward'.
Consignment outward refers to goods sent by a trader (consignor) to their agent (consignee) in another place for sale on the consignor's behalf — recorded in the consignor's books.
Consignment inward refers to goods received by an agent (consignee) from a principal (consignor) for sale on the principal's behalf — recorded in the consignee's books.
| Session | Questions |
|---|---|
| 2026 Annual | 8 |
| 2025 1st Annual | 5 |
| 2025 2nd Annual | 8 |
| 2024 Annual | 4 |
| 2023 Annual | 4 |
29 real Federal Board (FBISE) Accounting questions on Consignment Accounts from 2023 to 2026, for 12th class. Each one shows the session it came from.
No. We could not find an official FBISE marking scheme for these papers, so the answers and explanations are written by Tayyari Karo for practice. Check anything important with your teacher or textbook.
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