The Third Party Who Checks Annual Financial Statements to Ensure

question 30

Multiple Choice

The third party who checks annual financial statements to ensure that they are prepared according to Generally Accepted Accounting Principles (GAAP) and verifies that the information reported is reliable is the:

• A)TSX Enforcement Board.
• B)Accounting Standards Board.
• C)provincial securities commission.
• D)auditor.
• E)GAAP commission.

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Definitions:

FOB Shipping Point

A term indicating that the buyer assumes responsibility for shipping costs and liability once the goods leave the seller's premises.

Legal Title

Legal ownership of property or assets, which includes the right to use, sell or transfer them.

FOB Shipping Point

A shipping term indicating that the buyer assumes transportation costs and risk of loss once the goods leave the seller's premises.

Consignee

The individual or entity designated to receive goods being shipped or transported, who may not be the actual owner of the goods until certain conditions are met.