Accounting for consignment

True or false quiz

1. Consignor's account is a nominal account.

2. Consignor's account is a real account.

3. Consignor's account is a personal account.

4. Consignee's account is a nominal account.

5. Consignee's account is a real account.

6. Consignee's account is a personal account.

7. Consignment account is a nominal account.

8. Consignment account is a real account.

9. Consignment account is a personal account.

10. Goods sent on consignment account is a nominal account.

11. Goods sent on consignment account is a real account.

12. Goods sent on consignment account is a personal account.

13. The debit balance of consignment account represents net profit.

14. The credit balance of consignment account represents net profit.