College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
If the seller assumes the entire cost of transportation, without any reimbursement from the buyer, the freight terms are considered ______________.
- a. FOB shipping point
- b. FOB destination
- c. Freight in
- d. Freight out
- e. FOB freight
Identify the option that assumes the entire cost of transportation, without any reimbursement from the buyer, the freight terms.
FOB destination:
When the seller bears the freight charges for the delivery of merchandise from the point of origin, it is referred to as FOB (freight-on-board) destination. So, the title of ownership would be held with the buyer only at the destination point.
Justification for the incorrect answer:
Option a:
When the buyer bears the freight charges for the delivery of merchandise from the point of origin, it is referred to as FOB (freight-on-board) shipping point. So, the title of ownership is held with the buyer, from the shipping point itself. Hence, it is an incorrect answer.
Option c:
Freight in is the record made by the buyer, when the buyer pays the cost of freight. Hence, it is an incorrect answer
Option d:
Freight out is the record made by the seller, when the seller pays the cost of freight...
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