What is the difference between a consignee and a consignor? Would both parties include the goods in

Question:

What is the difference between a consignee and a consignor? Would both parties include the goods in their inventory? If not, explain why and indicate which of the two should include the goods in their inventory.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

See More Books

Question Posted: Jun 15, 2017 09:10 AM

See More Questions

What is the difference between a favorable cost variance and an unfavorable cost variance?
What is the difference between a defined-contribution pension plan and a defined-benefit pension plan?
What is the difference between a realized gain or loss and an unrealized gain or loss?
Comparative figures from the statement of profit or loss of Misty Ltd are shown below: 2017 2016 Revenue (all sales) Cost of sales $450 000 292 300 $390 000 287 000 Gross profit Expenses (including...
Caroline Company reports the following costs and expenses in May. InstructionsFrom the information, determine the total amount of:(a) Manufacturing overhead.(b) Product costs.(c) Periodcosts. Direct...
Scenario: You have just been hired as a unit manager for a 15-bed pediatric unit. One of your first priorities is to create a staffing chart. However, first you will need to calculate your FTEEs and...
The General Social Survey. The General Social Survey places much emphasis on asking many of the same questions year after year. Why do you think it does this?
Conceptually, how does an investor choose his, or her, optimal portfolio? What criteria should be used? Provide, and discuss, your example.
Edna has traditional IRAs with a value of $250,000 as of December 31, 2021. She will turn age 72 on November 11, 2022, and will take her required minimum distribution (RMD) by December 31, 2022. How...
A corporation produces mini-widgets. The variable expenses are $1.24 per mini-widget, and the fixed expenses are $142,900. a. What is the total cost to produce one mini-widget? b. What is the total...
(a) Describe the journal entry required to record a decline in inventory value under the lower of cost and net realizable value rule. (b) Why is an entry required even though no merchandise has been...
(a) Distinguish among the three cost formulas for determining cost for inventories: specific identification, FIFO, and average cost. (b) Give an example of a type of inventory for which each cost...
Kalinki Supply Company is a small, privately held corporation that manufactures and sells Christmas tree ornaments. The stock book is maintained by the corporate secretary. Treasury stock is kept in...
Jimmy Joe-Bob Hicky is the district commander for the mostly-rural Spud Valley highway patrol district in western Idaho. Hes attempting to assign highway patrol cars to different road segments in his...
Its important to have a holistic view of all the businesses combined and ensure that the desired levels of risk management and return generation are being pursued. Agree or disagree
(3pts each) During a trip to a casino, Adam Horovitz plays his favorite casino game 10 times. Each time he plays, he has a 41% chance of winning. Assume plays of the game are independent. a. What is...
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 95% confident that the estimated percentage is in error...
Statement of financial position as at 31 December 2014 ASSETS Non-current assets Property, plant and equipment Delivery van at cost 12,000 Depreciation (2,500) 9,500 Current assets Inventories...
A tiny neutrally buoyant electronic pressure probe is released into the inlet pipe of a water pump and transmits 2000 pressure readings per second as it passes through the pump. Is this a Lagrangian...
Sheldon and Leonard had a million-dollar idea. In order to make it happen, they have to do special research first. Only Kripke can help them in this matter. But Kripke is known to be the first-class...
When students borrow money for their postsecondary education under the Canada Student Loans Program, they sign an instalment note payable. It must be repaid, starting six months after graduation, in...
When students borrow money for their postsecondary education under the Canada Student Loans Program, they can choose a fixed interest rate of prime 1 5% or a floating interest rate of prime 1 2.5%....
Doug Bareak, a friend of yours, has recently purchased a home for $200,000. He paid $20,000 down and financed the remainder with a 20-year, 5% mortgage that is payable in blended payments of...
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...

What is the difference between a consignee and a consignor? Would both parties include the goods in

Question:

Step by Step Answer:

In a consignment agreement the consignor is the business that owns the goods and the con...View the full answer

Financial Accounting Tools for Business Decision Making

Students also viewed these Cost Accounting questions