When Substantially All Risks and Rewards of Ownership Have Passed

question 116

Multiple Choice

When substantially all risks and rewards of ownership have passed to the purchaser, the purchaser then recognizes an asset. For this recognition, which of the following statements is correct?

• A) The purchaser must have both legal title and possession of the goods.
• B) Legal title and possession do not always pass to the purchaser at the same time.
• C) In practice, recording inventory purchases often takes place when they leave the seller's place of business.
• D) The purchaser must have possession of goods before it has legal title.

---

Definitions:

Prejudice

Preconceived opinions or judgments about people, often based on stereotypes, without knowledge or factual basis.

Civil Rights Movement

A historic series of events and legislative actions aimed at eliminating racial discrimination and promoting equal rights in the United States, primarily during the 1950s and 1960s.

Civil Rights Strategy

Planned actions and policies aimed at achieving equality and preventing discrimination against individuals based on race, gender, or other characteristics.

Oppressed Group

A community that suffers injustice and unequal treatment by more powerful segments of society.