If a Contract Is for the Sale of Specific Goods

question 41

Multiple Choice

If a contract is for the sale of specific goods:

• A)Ownership passes at the time the contract is formed, regardless of when payment or delivery takes place.
• B)The buyer does not become the owner until the goods are selected and agreed upon by both parties.
• C)Ownership passes at the time that payment for the goods takes place.
• D)Ownership passes at the time delivery of the goods is carried out.

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Definitions:

Cash Operating Costs

The expenses directly associated with the day-to-day operations of a business, excluding non-cash items like depreciation.

Payback Period

The duration of time it takes for an investment to generate cash flows sufficient to recover its initial cost.

Discount Rate

The discount rate that's critical in the process of valuing future cash flows today, within the framework of discounted cash flow analysis.

Net Present Value

A financial metric used to evaluate the profitability of an investment, calculated by subtracting the present value of cash outflows from the present value of cash inflows.