In a Sale on Approval

question 16

Multiple Choice

In a sale on approval:

• A) possession, but not title, is transferred to the buyer for a stated period of time.
• B) possession and title are transferred to the buyer for a stated period of time.
• C) title, but not possession, is transferred to the buyer for a stated period of time.
• D) neither title nor possession is transferred to the buyer for a stated period of time.

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Definitions:

Bank Deposit

Money placed into a banking institution for safekeeping, which can include checking and savings accounts.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.