Which of the Following Is True If an Owner Entrusts

question 84

Multiple Choice

Which of the following is true if an owner entrusts the possession of goods to a merchant who deals in goods of that kind?

• A)The merchant can only transfer voidable title until any funds in the possession of the merchant are transferred to the owner.
• B)The merchant must have any purchaser sign a document acknowledging that the purchaser will return the goods upon the request of the owner.
• C)The merchant can transfer all rights in the goods to a buyer in the ordinary course of business.
• D)The merchant can only transfer void title until any funds in the possession of the merchant are transferred to the owner.
• E)The merchant can only transfer temporary title until any funds in the possession of the merchant are transferred to the owner.

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Definitions:

LIFO Reserve

The difference between the cost of inventory calculated under the Last-In, First-Out (LIFO) method and its cost calculated under the First-In, First-Out (FIFO) method.

Historical Cost

The original monetary value of an asset or investment at the time of its purchase, disregarding inflation over time.

Accounting Principle

Guidelines and standards intended to bring consistency and integrity to the financial reporting process.

Cost Or Market

An inventory valuation method that requires inventory to be recorded at the lower of its historical cost or its current market value.