In Accounting for Sales on Consignment,sales Revenue and the Related

question 15

Multiple Choice

In accounting for sales on consignment,sales revenue and the related cost of goods sold should be recognized by the

• A) consignor when the goods are shipped to the consignee.
• B) consignee when the goods are shipped to the third party.
• C) consignor when notification is received the consignee has sold the goods.
• D) consignee when cash is received from the customer.

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Definitions:

Ethnicity

A socially defined category based on a common language, religion, nationality, history, or some other cultural factor.

Shared Ancestry

Shared ancestry refers to the genetic heritage that individuals have in common with their biological family or ethnic group, tracing lineage through genetics and cultural heritage.

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society, including traditions, languages, and values passed down through generations.

Symbolic Ethnicity

A form of ethnicity where attachment to one’s cultural heritage is voluntary, individualistic, and often void of the obligations felt by members of the same ethnic group in past generations.