Question

Definition of consignment account

Answer 1

Answer:

Consignment account:-

It is a term. used to refer an arrangement whereby goods are sent by owner to an agent who holds and sells goods on behalf of the owner of commission

Answer 2

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A consignment occurs when the owner of goods leaves them with another party to be sold. ... In a consignment arrangement, 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.