According to the Uniform Commercial Code,which of the Following Statements

question 17

Multiple Choice

According to the Uniform Commercial Code,which of the following statements is true of a destination contract?

• A) A seller satisfies its obligation to ship goods once they are transferred to the shipper for transportation.
• B) The risk of loss for damage to the goods remains with a seller until the goods safely arrive at a buyer's destination.
• C) If the purchased goods are damaged in transit, then a buyer is held responsible only if the buyer has paid the full amount for the purchased goods.
• D) The risk of loss for damage to the goods is transferred to a buyer when a seller packages the goods for shipment.
• E) A buyer assumes the risk of loss for damage to the goods from the point of sale till the goods reach the destination.

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Definitions:

Adjusting Journal Entry

A record documented at the closing of an accounting cycle to distribute revenues and expenses to the appropriate period they took place in.

General Ledger

A general ledger is a comprehensive record of a company's financial transactions over the life of the organization, serving as the primary source for preparing financial statements.

Supplies Expense

Costs associated with the consumption of supplies necessary for the daily operations of a business, recognized as an expense in the accounting period in which they are used.

Inventory

The entire inventory of products and materials maintained by a business for selling or manufacturing purposes.