Purchased Goods in Transit Should Be Included in the Ending

question 55

True/False

Purchased goods in transit should be included in the ending inventory of the buyer if the goods were shipped FOB shipping point.

---

Definitions:

Board Of Directors

A group of elected individuals representing shareholders, responsible for overseeing the activities and governance of a company.

Evaluating Performance

The process of assessing the efficiency and effectiveness of actions or operations, typically in a business or organizational context.

Public Ownership

The possession of assets, companies, or land by governmental entities rather than private individuals or organizations.

Government Unit

An organizational entity of the government responsible for specific administrative functions at local, state, or national levels.