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:

Undisclosed Principal

A situation where an agent acts on behalf of a principal, but the identity of the principal is not revealed to the third party involved in the transaction.

Liquor Sale

The regulated process of selling alcoholic beverages, subject to various laws and licenses depending on the jurisdiction.

Undisclosed Principal

A situation in a business transaction where the identity of the principal (the person for whom the agent acts) is not revealed to the third party involved in the deal.

Actual Authority

The explicit power granted to an agent by a principal, allowing the agent to act on the principal's behalf.