If a Seller Under a Shipment Contract Sends Nonconforming Goods,the

question 31

True/False

If a seller under a shipment contract sends nonconforming goods,the risk of loss in transit is on the buyer.

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Definitions:

Special Journal

A financial journal designed for recording a specific type of transaction in a more efficient manner, such as sales or purchases.

Subsidiary Ledger

An elaborate record book holding specific subsidiary accounts linked to a principal account, including accounts receivable and accounts payable.

General Ledger

The main accounting record of a company or organization, containing all the financial accounts and transactions.

Special Journal

A journal used in accounting to record transactions of a similar type.