1. When shall the consignor recognize revenue from consignment sales?

a. Upon delivery of the consigned goods to the consignee

b. Upon signing of the consignment contract
c. Upon sale by the consignee to final customers
d. Upon remittance by the consignee of collection to the consignor

2. At the time of repossession of inventory by reason of defaulted installment receivable, the fair
value of repossessed inventory is less than the net of the defaulted installment receivable and
its corresponding deferred gross profit. The difference shall be recognized as
a. Deferred gain on repossession presented as current liability
b. Gain on repossession as part of other comprehensive income
c. Debit to retained earnings
d. Loss on repossession as part of profit or loss