The Factor Which Determines Whether Goods in Transit Should Be

question 58

Multiple Choice

The factor which determines whether goods in transit should be included in a physical count of inventory is

• A) physical possession.
• B) legal title.
• C) management's judgment.
• D) whether or not the purchase price has been paid.

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Definitions:

Beneficiary Rights

The entitlements and protections afforded to individuals who are designated to receive benefits or assets from a trust, estate, or an insurance policy.

Modification

The act of making changes or alterations to a document, contract, or agreement, often requiring mutual consent of involved parties.

Discharges

The release or dismissal from a legal obligation, debt, or responsibility, such as the discharge of a bankruptcy or contractual duty.

Uniform Commercial Code

A set of laws that provide legal standards and regulations for commercial transactions and business dealings.