Goods in Transit Shipped

question 13

Multiple Choice

Goods in transit shipped

• A) FOB shipping point should be included in the buyer's ending inventory.
• B) FOB destination should not be excluded from the buyer's ending inventory.
• C) FOB shipping point should not be included in the buyer's ending inventory.
• D) FOB destination should not be included in the seller's ending inventory.

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Definitions:

Deferred Gratification

The ability to resist the temptation for an immediate reward and wait for a later reward.

Paycheque

A paycheque is a check issued by an employer to pay an employee for services rendered, typically on a regular basis like weekly or monthly.

Savings Account

A deposit account held at a bank or other financial institution that provides modest interest rates.

Meritocratic System

A system in which advancement in society is based on an individual's capabilities and merits rather than on family, wealth, or social connections.