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consignment


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1. A shipment or delivery of goods sent at one time. 2. Goods sent on consignment by a principal (consignor) to an agent (consignee), usually in a foreign country, for sale either at an agreed price or at the best market price. The agent, who usually works for a commission, does not normally pay for the goods until they are sold and does not own them, although usually having possession of them. The final settlement, often called a consignment account, details the cost of the goods, the expenses incurred, the agent’s commission, and the proceeds of the sale.

1. A shipment or delivery of goods sent at one time. 2. Goods sent on consignment by a principal (consignor) to an agent (consignee), usually in a foreign country, for sale either at an agreed price or at the best market price. The agent, who usually works for a commission, does not normally pay for the goods until they are sold and does not own them, although usually having possession of them. The final settlement, often called a consignment account, details the cost of the goods, the expenses incurred, the agent’s commission, and the proceeds of the sale.

Subjects: Accounting.


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