"It's a Great Contract, and We Look Forward to You

question 85

Multiple Choice

"It's a great contract, and we look forward to you supplying our widgets for a long time to come," said Bert Buyer as he passed the signed contract across the table to Sabrina Seller. "Do you suppose," he continued, "that on this first order you could pay the freight charges instead of shipping FOB factory?" Bert is:

• A)scratching.
• B)milking.
• C)shaving.
• D)nibbling.
• E)whittling.

---

Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting practices, frameworks, and guidelines designed specifically for private companies in Canada.

Merchandise Return

Merchandise Return is the process by which a customer returns previously purchased goods back to the seller, typically due to issues like defects or dissatisfaction.

Discount Period

The timeframe in which a buyer can take advantage of a discount for early payment on money owed.

Cost of Goods Purchased

The total expense incurred in buying goods for sale, including any additional costs necessary to get them into a saleable state.