On a Contract-"F

question 65

True/False

On a contract-"F.O.B. New York"-for a sale of almonds by a broker in California, the risk of loss passes to the buyer when conforming goods are placed in the possession of the carrier.

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Definitions:

End-of-period Spreadsheet

A reporting tool used in accounting to compile all balances from ledgers, facilitating the preparation of financial statements.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure accuracy in the financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

General Ledger

The master accounting document that contains all the financial accounts and transactions of a company.