If a Seller Is Not a Merchant, and the Goods

question 71

True/False

If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.​

---

Definitions:

Cost of Inventory

The total cost incurred to acquire stock items that are intended for resale, including purchase price, freight, and handling fees.

Physical Inventory

An actual count of all the goods on hand at the end of an accounting period.

Single-Step Income Statement

A simplified financial statement format that calculates net income by subtracting total expenses from total revenues in one step.

Statement of Stockholders' Equity

A financial document that shows changes in the equity section of a company's balance sheet, including stock transactions and retained earnings.