In the Case of a Shipment Contract,delivery Occurs When ________

question 3

Multiple Choice

In the case of a shipment contract,delivery occurs when ________.

• A) the buyer receives the shipment
• B) the seller puts the goods in the carrier's possession
• C) the shipment reaches the destination that the buyer specified
• D) the shipment is allowed to be transported by transport customs

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Definitions:

Asset

An item of value owned by an individual or corporation that is expected to provide future economic benefits.

Adjusting Entry

A journal entry made in accounting records to update the book values of certain assets or liabilities to their correct amounts.

Principal

The original sum of money borrowed in a loan or the initial amount of investment before any earnings or interest is added.

Interest

The charge for borrowing money or the compensation paid to a lender by a borrower for the use of borrowed funds.