Consignment Goods Are

question 124

Multiple Choice

Consignment goods are:

• A) Always paid for by the consignee when they take possession.
• B) Goods shipped to the consignor who sells the goods for the owner.
• C) Goods shipped by the owner to the consignee who sells the goods for the owner.
• D) Reported in the consignee's books as inventory.
• E) Not reported in the consignor's inventory since they do not have possession of the inventory.

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Definitions:

Customary Fee

A charge or payment that is considered typical or usual within a particular industry, market, or legal context based on long-standing practices.

Apparent Authority

A situation in which a reasonable person would understand that an agent had the authority to act, even if the agent didn't have such authority.

Express Agency

An agency relationship formed by explicit oral or written agreement between the agent and the principal.

Implied Agency

A situation where an agency relationship is inferred from the actions of the parties rather than an explicit agreement.