FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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- When should revenue from the sale of merchandise normally be recognized? A)When the customer takes possession of the merchandise. B)When the customer takes possession of the merchandise, if sold for cash, or when payment is received, if sold on credit. C)Either on the date the customer takes possession of the merchandise or on the date on which the customer pays. D)When the customer pays for the merchandise.arrow_forwardWhat is the difference in the operating cycle of a service provider and a merchandiser?arrow_forwardThe "dual nature of merchandise transactions" as described in this chapter means every business transaction affects both a/an __________ and a/an ____________. Group of answer choices income statement; balance sheet debit entry and a credit entry buyer; seller asset; expensearrow_forward
- Match the correct pairs FOB destination and you are the buyer A. The buyer pays this amount FOB destination and you are the seller B. You pay and add to inventory costs FOB shipping point and you are the buyer C. The seller pays this FOB shipping point and you are the seller D. You pay and expense as delivery chargearrow_forwardFreight on Board (FOB) shipping point requires that the seller pays the shipping cost.. True or Falsearrow_forwardWho is responsible for the freight cost when the terms are FOB destination? Please explain with full explanation. a. the seller b. the buyer c. the customer d. either the buyer or the sellerarrow_forward
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