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 seller’s place of business.D. The point of transfer is when the goods arrive at the buyer’s place of business

Q: FOB destination of a Merchandise Business means: a. Goods are placed free on board to the buyer's…

A: Free on broad (FOB) is a term indicating whether the seller or the buyer will bear the loss and…

Q: Which of the following indicates that ownership of the purchased items changes as soon as the goods…

A: FOB point is the term which is used to determine when the ownership of the goods changes hand. FOB…

Q: What happens when merchandise is delivered FOB shipping point? Multiple Choice O O O O The buyer…

A: Ans. The buyer pays the freight cost

Q: hat account does a merchandiser use that a service company does not use?

A: Merchandiser deals in purchasing and selling products to customer whereas  a service company deals…

Q: Internet companies that simply act as agent or broker for the transfer of goods can record revenue…

A: Internet companies that simply act as agent or broker for the transfer of goods , act in the…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: What is a merchandiser, and what is the name of the merchandise that it sells?

A: Merchandiser: A merchandiser is a business that sells goods, or merchandise, to its customers.

Q: FOB destination of a Merchandise Business means: a. Seller is not responsible for the goods b. Buyer…

A: Whenever business sells goods to the customer, then there can be two type of terms. One is FOB…

Q: An item must possess two characteristics to be classified as inven tory by a merchandiser. What are…

A: The item must satisfy two characteristics to be classified as an inventory by a merchandiser.  1.…

Q: Which of the following statements regarding freight costs is true? Oa. FOB destination means that…

A: The inventory is recorded as current assets in the balance sheet . The inventory is recorded…

Q: A ____ will cause Cost of Goods Sold to decrease. A. Debit  B. Credit

A: Cost of Goods Sold means Cost involved in making of goods or providing services. Direct Material,…

Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…

A: Answer a

Q: Who is the owner of goods on consignment? (Please give full explanation and please avoid…

A: In the consignment basis goods are sent by the consignor to the consignee to sell the goods and in…

Q: What is a consigned inventory? Goods that are shipped and title transfer to the consignee. Goods…

A: Consigned inventory refers to items that are held and sold on behalf of another company. Consigned…

Q: f goods are sold on terms FOB shipping​ point, the​ ________.         A. seller normally pays the…

A: The invoice contains all the terms related to sale like FOB point, discount and due date of the…

Q: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: For purposes of computing the MCIT, which will not form part of cost of goods sold for traders:…

A: MCIT is minimum corporate income tax, which is being payable by the domestic companies. The rate…

Q: tion of goods may be taxed based on?   A.Gross Se

A: Importation of goods refers to the process when an entity brings back some goods from another…

Q: A sale is recorded when goods leave the seller's shipping department when the merchandise is…

A: The sales invoice records the various selling term, such as FOB, destination, FOB Shipping, Discount…

Q: In large companies, the independent internal verification procedure is often assigned to O internal…

A: Professionals that work for an organisation to analyse and appraise its overall governance, risk…

Q: For sellers of goods, the revenue recognition principle generally requires that revenues be recorded…

A: The objective of the question is to understand when the revenue recognition principle allows sellers…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: What is Target’s policy with respect to accounting for merchandise returns?

A: Financial Statements: Financial statements are a group or reports that present the financial…

Q: Who bears the freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?

A: (a)If the sale is made with the terms FOB shipping point, the goods' ownership is transferred at the…

Q: Explain the difference between freight in and freight out. Who pays for each? Who owns the goods…

A: Freight refers to the transportation cost paid on the goods. Freight in is the transportation cost…

Q: What does the term merchandise inventory mean?   merchandise on hand, a fixed asset, merchandise…

A: Merchandise inventory means goods or inventory lying with the business either for the purpose of…

Q: Who owns the goods in transit under FOB destination? * buyer O seller O either buyer or seller none

A: In case of goods in transit under FOB  means  The seller will

Q: The buyer should be responsible for the freight (legally) but the seller paid for it A. FOB shipping…

A: FOB destination stands for freight on board, is an incoterm which is used when there is trade…

Q: What is freight out, and how is it recorded by the seller?

A:

Q: FOB SHIPPING POINT, who is the owner of goods in transit

A: The invoice made at the time of sale includes the invoice price, payment terms, discount terms, etc.…

Q: nd the cost of the goods is paid within the predetermined term? A) Payment with Acceptance Credit…

A: When goods are exported, the amount of payment is controversial as the amount of payment changes at…

Q: A director must be a shareholder in a corporation. True or False True False

A: Shareholders and directors are two very distinct roles within a limited company. In simple terms,…

Q: Markets require a physical location to permit sellers to supply money to buyers for goods and…

A: Trade between buyer and sellers can be facilitated through the markets. The market can be referred…