FOB destination means ownership of the merchandise: passes from seller to buyer

ID: 2471434 • Letter: F

Question

FOB destination means ownership of the merchandise:

passes from seller to buyer when the merchandise is picked up from the seller.

passes from the seller to the buyer when the merchandise is delivered to the buyer.

is assumed by the trucking company while the merchandise is in transit.

is based on the credit terms.

The accounts in the Accounts Receivable Subsidiary Ledger should be updated:

daily.

weekly.

monthly.

yearly.

Most businesses use a petty cash fund to pay for:

small expenditures.

accounts payable.

salaries.

merchandise purchases.

The date a payment is due is determined by the invoice date and the:

credit terms.

accounting cycle.

delivery date.

transportation schedule.

The total of the individual creditor accounts in the subsidiary ledger must be ____________ the balance of the Accounts Payable control account.

greater than

less than

equal to

subtracted from

1. Daily

2.small expenditures.

3.Credit terms

4.equal to

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