If No Definite Time for Delivery Is Fixed by the Terms

question 26

Multiple Choice

If no definite time for delivery is fixed by the terms of the contract,delivery:

• A) will not take place.
• B) must begin within 10 days of the contract.
• C) must be immediate.
• D) and acceptance must happen within a reasonable amount of time.

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Definitions:

Inventory Turnover

A measure of how many times inventory is sold or used in a time period such as a year.

Net Sales

The revenue generated from goods or services sold by a company after deducting returns, allowances for damaged or missing goods, and discounts.

Beginning Inventory

The value of stock on hand at the start of an accounting period, before any purchases or sales are made.

Cost of Goods Sold

The total cost of manufacturing or acquiring the products sold by a company during a specific period.