Primo Pools Company and Aquatic Recreation,Inc

question 5

Multiple Choice

Primo Pools Company and Aquatic Recreation,Inc.,enter into a contract for a sale of prefabricated swimming pools.Under either a shipment contract or a destination contract,the seller must

• A)allow the buyer to reject the goods for any reason.
• B)deliver the goods to a particular destination.
• C)place the goods into the hands of a carrier.
• D)provide the buyer with any necessary documents of title.

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Definitions:

Adjusting Entries

Closing entries in accounting at the end of a period to ensure income and expenses are attributed to the period in which they took place.

Business Events

Occurrences that affect the financial position of a company and can be measured reliably in financial terms.

Recorded

The process of recording business financial transactions into the accounting books.

Accrued Revenues

Revenues for services performed but not yet received in cash or recorded.