When Consigned Goods Are Sold by a Factor

question 41

Multiple Choice

When consigned goods are sold by a factor:

• A) title passes when the consignor approves the sale.
• B) title passes even if the goods have been stolen,provided the factor is ignorant of this fact.
• C) the sale passes the title of the owner to the buyer.
• D) strict compliance with the Federal Factors Act is required to pass title.

Recognize the definitions and treatment of prepaid expenses, accrued expenses, and deferred revenues.

Relate the effect of proper and improper adjustments on financial statements’ accuracy and completeness.

Understand the concepts of book value, depreciation, and the adjustment for depreciation.

Apply the revenue recognition and matching principle in accounting.

---

Definitions:

Base Class

The class from which other classes inherit properties and methods. It is the superclass in a hierarchy of inheritance.

Shoe Hierarchy

A conceptual classification scheme for organizing different types of shoes in a hierarchical structure based on their characteristics and relationships.

Downcast

Casting an object reference down the class hierarchy to a subclass type, requiring explicit casting in statically typed languages.

Decision Statement

Decision statements in programming allow the program to execute different parts of the code based on the evaluation of conditions, such as if-else statements.