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atement 2: Under the term FOB de oulders and actually paid for the fre atement 3: Under the term FOB Sh e who shoulders and actually paid f atement 4: Under the term FOB de oulders and actually paid for the fre

atement 2: Under the term FOB de oulders and actually paid for the fre atement 3: Under the term FOB Sh e who shoulders and actually paid f atement 4: Under the term FOB de oulders and actually paid for the fre

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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24. Statement 1: Under the term FOB shipping point – freight collect, the buyer is the one who shoulders and actually paid for the freight charges. Statement 2: Under the term FOB destination – freight prepaid, the seller is the one who shoulders and actually paid for the freight charges. Statement 3: Under the term FOB Shipping point – freight prepaid collect, the seller is the one who shoulders and actually paid for the freight charges. Statement 4: Under the term FOB destination – freight prepaid, the buyer is the one who shoulders and actually paid for the freight charges. a. False, True, True, False b. True, False, True, False c. True, True, False, False d. False, False, True, True 25. If the FIFO retail inventory method is used, which of the following would include or exclude beginning inventory? Cost Goods available for sale at retail Ratio Include а. Include b. Exclude Include Exclude C. Exclude d. Exclude Include 30. The grant in recognition of specific expenses shall be a. recognized as income in excess of the period of the related expenses b. Recognized as income over the period of the related expenses c. Recognized as income shorter than the period of the related expenses d. Not be recognized as income 31. Which of the following is not is liability? a. Deposit received from customer b. Unearned revenue c. Zero interest-bearing note payable d. Stock dividend
Transcribed Image Text:24. Statement 1: Under the term FOB shipping point – freight collect, the buyer is the one who shoulders and actually paid for the freight charges. Statement 2: Under the term FOB destination – freight prepaid, the seller is the one who shoulders and actually paid for the freight charges. Statement 3: Under the term FOB Shipping point – freight prepaid collect, the seller is the one who shoulders and actually paid for the freight charges. Statement 4: Under the term FOB destination – freight prepaid, the buyer is the one who shoulders and actually paid for the freight charges. a. False, True, True, False b. True, False, True, False c. True, True, False, False d. False, False, True, True 25. If the FIFO retail inventory method is used, which of the following would include or exclude beginning inventory? Cost Goods available for sale at retail Ratio Include а. Include b. Exclude Include Exclude C. Exclude d. Exclude Include 30. The grant in recognition of specific expenses shall be a. recognized as income in excess of the period of the related expenses b. Recognized as income over the period of the related expenses c. Recognized as income shorter than the period of the related expenses d. Not be recognized as income 31. Which of the following is not is liability? a. Deposit received from customer b. Unearned revenue c. Zero interest-bearing note payable d. Stock dividend
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