Answered: What type of return privileges are…

What type of return privileges are being used by buyers who accept merchandise from sellers but only pay for it if it sells? • On specification On cancellation ⚫ On memorandum • On consignment

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 5TF: FOB shipping point means that transportation charges are paid by the seller.

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Question

What type of return privileges
are being used by buyers who
accept merchandise from sellers
but only pay for it if it sells? • On
specification On cancellation ⚫
On memorandum • On
consignment

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Similar questions

Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping. B. The seller owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.
Requirement a. What are the accounting requirements for a correct sales cutoff? A. A shipment should be recorded as a sale when the risks of ownership transfer to the buyer and collectability is reasonably assured. B. A shipment should be recorded as a sale when the merchandise is shipped. C. A shipment should be recorded as a sale when the payment for the merchandise has beeb received by the seller. D. A shipment should be recorded as a sale when the merchandise is received by the purchaser.
SLO-5.2. Using the term means that the buyer will pay the freight charges of the merchandise to the buyer's place of business. OFOB Shipping Point OFOB Destination OTrade Discount OQuantity Discount
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Hi so is the sales discount forfeited not used?
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If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are a. consigned b. n/30 c. FOB shipping point d. FOB destination
Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination Merchandise Inventory Gross Profit Purchases Discount
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True or false 1. The sellers and buyers are required to record trade discounts 2. If the ownership of the merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination