EITHER TRUE OR FALSE. Explain why the assertion is incorrect if it is in fact incorrect. 1. Normally, the seller receives the accepted purchase orders
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EITHER TRUE OR FALSE. Explain why the assertion is incorrect if it is in fact incorrect.
1. Normally, the seller receives the accepted purchase orders.
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- TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. The approved purchased orders are normally issued to the seller.Which one of the following statements is false? a. FOB shipping point means the buyer has legal title to the goods while they are in-transit b. FOB shipping point means the buyer has legal title to the goods when they are shipped c. FOB destination means the seller has legal title to the goods until they reach the buyer's place business d. FOB shipping means the buyer acquires legal title to the goods when they reachg the buyer's place of businessRequirement 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.
- Bill-and-hold transactions occur when theseller records a sale but the goods or serviceshave not been delivered. But, all types of Bill and Hold are not illegal. Group of answer choices : True FalseWhich 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.Which of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for shipping. B. The buyer 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.
- True or False The term FOB shipping point means that the ownership of the goods is vested on the buyer upon receipt of the goods thereof.A seller generally records sales at the full invoice price, but the buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at different amounts.As a general rule, the buyer has the right to examine the goods before accepting them. The following are the exceptions to the general rule, except Group of answer choices When there is stipulation that the goods shall not be delivered to the buyer until he has paid the price When the good are marked with the words collect on delivery When there is an agreement to that effect When the usage of trade permits examination
- If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing a(n)One such issue is the Sale with Right of Return. Discuss how do you recognize revenue when the customer has the right to returnThe prudence concept is applied here in the sense that revenue should not be anticipated, and included in the trading, profit and loss account, before it is reasonably certain to ‘happen’. Required Given that prudence is the main consideration, discuss under what circumstances, if any, revenue might be recognized at the following stages of a sale. (a) Goods have been acquired by the business, which it confidently expects to resell very quickly. (b) A customer places a firm order for goods. (c) Goods are delivered to the customer. (d) The customer is invoiced for goods. (e) The customer pays for the goods. (of) The customer’s cheque in payment for the goods has been cleared by the bank.
