Legitimate Ownership of a Motor Vehicle Exists When the Vehicle

question 59

Multiple Choice

Legitimate ownership of a motor vehicle exists when the vehicle is any EXCEPT which of the following?

• A)owned by a private person or company
• B)being sold by an authorized dealership
• C)in the factory being manufactured
• D)being loaned to another

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Definitions:

Perpetual Inventory System

A process in accounting for inventory that instantly logs purchases or sales via computerized point-of-sale systems and enterprise asset management programs.

Journal Entry

A record in accounting that notes every financial transaction of a business in chronological order.

FOB Shipping Point

A shipping term indicating that the buyer assumes responsibility for the goods and the cost of transportation as soon as the goods leave the seller's premises.

Freight Costs

Expenses associated with transporting goods from one place to another, including the costs of shipping, handling, and insurance of goods during transit.