In a destination contract for the sale of goods, which of the following is trueconcerning when the risk of loss passes:When a seller completes its delivery obligationsWhen a buyer accepts conforming goodsO When a seller complies with the perfect tender ruleWhen a buyer covers after receiving non-conforming goods

A destination contract is a contract made for the sales of goods under which the seller promises to…

Answered: In a destination contract for the sale…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8QY: If the seller assumes the entire cost of transportation, without any reimbursement from the buyer,...

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3. (a) In performing a contract of sale of goods, there may be a situation where the seller fails to deliver the goods in the agreed quantity. Discuss the rights of the buyer upon such failure. (10)
1."A sale of Goods Contract once made can never come to an end".Discuss the above statement with relevant examples.
Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choices
A contract modification always results in a new contract if the modification adds distinct goods or services at a price that reflects their stand-alone selling price. A. True B. False
A contract to sell is the same as a conditional contract of sale. Do you agree? Explain your answer.
Does contract modification always result in a new contract if the modification adds distinct goods or services at a price that reflects their stand-alone selling price.
Under PFRS 15, what is the specific point in time when the consignor satisfies is performance obligation under consignment contract? a. upon sale of consigned goods by consignee to final consumers b. upon signing of contract of consignment by consignor and consignee c. upon remittance of cash by consignee to consignor d. upon delivery of consigned goods by consignor to consignee
Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.
38. In which of the following contracts may full payment of the price become the operative act that transfers ownership from the seller to the buyer? Group of answer choices Contract of sale Contract to sell Either a or b Neither a nor b
Under the new revenue recognition guidance in ASC Topic 606, which of the following statements is true regarding contracts with customer options? In some cases where customers have an option to acquire additional goods or services, an evaluation is required to determine if the option creates an additional performance obligation. An additional performance obligation is created if the customer could obtain the same rights to additional goods or services without entering the contract. An additional performance obligation is created if the option provides the customer a right to purchase the goods or services at the stand-alone selling price for those goods or services. It is generally not considered a performance obligation when a retailer grants a "customer appreciation dividend" to a customer.
The amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties" is the definition of Select one: O a. the contract. O b. the performance obligation. O c. the transaction price. - O d. the consideration.
Determine whether the statement is legally correct (true) or not (false). 1. Conditions, interest, penalty, time or place of payment are examples of natural elements in a contract of sale. 2. Where necessaries are those sold and delivered to a minor or other person without capacity to act, he must pay a reasonable price therefor.

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