Even If Goods Are Not Identified to the Contract, the Title

question 12

True/False

Even if goods are not identified to the contract, the title and risk of loss can still pass from the seller to the buyer.

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Definitions:

Journal Entry

A record of a business transaction in an accounting system, noting the accounts and amounts to be debited and credited.

Cost Method

An accounting approach where investments are recorded on the balance sheet at their acquisition cost, without recognizing changes in market value.

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenue.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, without having control or joint control over those policies.