When a Buyer of Goods Has Obtained the Goods Properly

question 38

Multiple Choice

When a buyer of goods has obtained the goods properly from the seller,but later fails to pay for them,what kind of title does the buyer have?

• A)Voidable.
• B)Void.
• C)Good.
• D)Joint.

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Definitions:

Owners' Equity

The residual interest in the assets of a company after deducting its liabilities, representing the owner's claim against the company's assets.

Cost Method

An accounting method used for investments, where the investment is recorded at cost and adjustments are only made for impairments or additional investments, without recognizing unrealized gains or losses.

Appraisal Method

An evaluation process to determine the value of an asset, often used for real estate and investments, based on various criteria.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial statements.