At the Year-End Inventory Count,if Goods in Transit Are Shipped

question 191

Multiple Choice

At the year-end inventory count,if goods in transit are shipped F.O.B.destination,whose inventory count should they be included in?

• A) the seller's
• B) the buyer's
• C) the shipping company's
• D) the customer's

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Definitions:

U.S. Currency

The official money used in the United States, primarily consisting of Federal Reserve Notes (dollars) and coins.

Held Abroad

Refers to assets or investments located or held in a foreign country, outside of the investor's home nation.

Unit Of Account

The yardstick people use to post prices and record debts.

Legal Tender

Legal tender refers to money that must be accepted if offered in payment of a debt in the jurisdiction where the payment is being made.