Which Transaction Would Not Be Included in Year End Inventory

question 118

Multiple Choice

Which transaction would not be included in year end inventory?

• A)Goods received on consignment at year end.
• B)Goods shipped out on consignment at year end.
• C)Goods shipped FOB shipping point after year end.
• D)Goods received at year end.

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Definitions:

Brother

A male sibling or a man or boy in relation to other sons and daughters of his parents.

Past Consideration

A term in contract law meaning that an act done before a contract is made is not good consideration for the contract.

Sales Contract

A legal agreement between a buyer and a seller detailing the terms and conditions of a sale of goods or services.

Equitable Exchange

A transaction in which goods, services, or assets are traded based on fairness and balance in value.