When Is a Buyer Deemed to Have Accepted Goods That

question 1

Multiple Choice

When is a buyer deemed to have accepted goods that are delivered pursuant to a contract?

• A) If he fails to reject the goods after he has had a reasonable opportunity to inspect them.
• B) Immediately upon delivery.
• C) Only when he pays for them.
• D) Only after an express acceptance.

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Definitions:

Enron

A former American energy company known for its massive accounting fraud that led to its bankruptcy in 2001.

U.S. Accounting Standards

The rules and guidelines set out by governing bodies, like the Financial Accounting Standards Board (FASB), for companies in the United States to follow in their financial reporting.

American Accounting Scandals

Major financial frauds and malpractices involving accounting methods that have occurred in the United States, leading to loss of investor trust and changes in regulations.

Canadian GAAP

Canadian GAAP refers to Generally Accepted Accounting Principles in Canada, which consist of guidelines and standards for financial reporting practices in Canada.