INVENTORY Flashcards
1
Q
OWNED INVENTORY
A
INCLUDED
2
Q
NOT OWNED INVENTORY
A
EXCLUDED
3
Q
FOB DESTINATION
A
TITLE PASSES TO THE BUYER UPON RECEIPT OF GOODS, WHILE IN TRANSIT THE OWNER IS THE SELLER
4
Q
FOB SHIPPING POINT
A
OWNED BY THE BUYER WHILE IN TRANSIT
5
Q
FOB SELLER IS SYNONYMOUS TO?
A
FOB SHIPPING POINT
6
Q
WHICH AMONG THE INVENTORY ESTIMATION TECHNIQUES IS NOT ALLOWED IN YEAR-END REPORTING?
A
GROSS PROFIT RATE METHOD
