Definitions of Important Terms Used in Consignment Accounting: Learning Objectives: Define the most important terms used in consignment account. Commission: The term commission as used in connection with consignment denotes the remuneration of the consignee for selling the goods of the consignor. This commission
Commission is a group of people organize by a government or other official body with authority to do something.
Important Bookkeeping Terms: Before attempting to learn the art or science of bookkeeping it will be better to clarify some of the terms that will have to be used again and again. Transaction: Any dealing between two persons or things in a transaction. It