Homework Answers
Correct answer----(B) Seller has legal title to the asset.
.
Goods are not transferred to the buyer until the right of ownership or title of ownership is transferred to the buyer.
Other options given above indicated that transfer of control is done to the buyer except in (B) above.
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Which one of the following is not an indicator of the transfer of control to the...
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not...
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not a key indicator used in deciding whether control has passed from the seller to the buyer? a. Seller can identify the contract with a buyer b. Buyer has an obligation to pay the seller C. Buyer has legal title to the asset d. Buyer has physical possession of the asset LO5-2 Concept Check: Key Indicators for the Transfer of Control (2) Which of the...
24. Which of the following is an indication that a customer has gained control of a...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
Which one of the following statements is true? O FOB destinaton means the buyer has legal...
Which one of the following statements is true? O FOB destinaton means the buyer has legal title to the goods while they are in transit O FOB shipping point means the seller has legal title to the goods while they are in transit. O FOB destination means the seller has legal title to the goods until they reach the buyer's place of business O FOB shipping point means the buyer acquires legal title to the goods when they reach the...
Revenue Recognition
Scenario 1 Entity C sells land to Customer D. Customer D uses the land to construct a housing development. Customer D makes a non-refundable upfront payment of RM10,000 when legal title is transferred and RM990,000 in five years, which is when Customer D expects to have completed the development. Entity C has no history with this customer and the land is in an area currently not zoned for housing development. Thus, Entity C is not able to conclude that Customer D...
1. Fill in the blank with the correct type of title as described in Chapter 22....
1. Fill in the blank with the correct type of title as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties would be void but the goods have already been sold to a third party. c) This type of title is acquired from someone who already owns the goods free and...
In the sale of goods: tion 1 et answered ed out of ag question Select one:...
In the sale of goods: tion 1 et answered ed out of ag question Select one: o A. title and ownership are separate concepts. o B. ownership and possession are separate concepts. O C. a change in possession and a transfer of title are the same thing. D. the seller always has title when goods are paid for. E. the buyer always has title when goods are paid for. 2. answered out of 5 question If the contract doesn't say...
in which one of the following types of contract between a seller and a buyer does...
in which one of the following types of contract between a seller and a buyer does the seller agree to sell a specified asset to the buyer today and then buy it back at a specified time in the future at an agreed future price. a) repurchase agreement . C) swap d) call e) none of the above Organized options markets are different from over- the counter options markets for all of the following reasons except a) legal contracts c)...
Which of the following is a legal right of a landlord in a lease agreement? Select...
Which of the following is a legal right of a landlord in a lease agreement? Select one: a. The right to obtain property taxes from the tenant b. The right to regain possession c. The right to enter property without permission d. The right to enter property to show prospective purchasers
1. B us to the poquitle as described in Chapter 22. a) This type of title...
1. B us to the poquitle as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties wouk be void but the goods have already been sold to a third party. c) This typitle is agguired from someone who alrey own the goods and clear. a I need Q 2 2. 1...
1. Which of the following is not considered personal property in legal terms? A) Intangible property...
1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of...
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not a key indicator used in deciding whether control has passed from the seller to the buyer? a. Seller can identify the contract with a buyer b. Buyer has an obligation to pay the seller C. Buyer has legal title to the asset d. Buyer has physical possession of the asset LO5-2 Concept Check: Key Indicators for the Transfer of Control (2) Which of the...
24. Which of the following is an indication that a customer has gained control of a good or service under the new revenue recognition standard? A) The seller has transferred legal title to the customer B) The seller has transferred physical possession of the product C) The buyer has significant risks and rewards of ownership D) All of the above 25. Revenue is recognized by a consignor of inventory when the A) goods are shipped to the consignee. B) consignee...
Which one of the following statements is true? O FOB destinaton means the buyer has legal title to the goods while they are in transit O FOB shipping point means the seller has legal title to the goods while they are in transit. O FOB destination means the seller has legal title to the goods until they reach the buyer's place of business O FOB shipping point means the buyer acquires legal title to the goods when they reach the...
1. Fill in the blank with the correct type of title as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties would be void but the goods have already been sold to a third party. c) This type of title is acquired from someone who already owns the goods free and...
In the sale of goods: tion 1 et answered ed out of ag question Select one: o A. title and ownership are separate concepts. o B. ownership and possession are separate concepts. O C. a change in possession and a transfer of title are the same thing. D. the seller always has title when goods are paid for. E. the buyer always has title when goods are paid for. 2. answered out of 5 question If the contract doesn't say...
1. B us to the poquitle as described in Chapter 22. a) This type of title is not true title. Someone who purchases stolen goods has this title. b) This type of title occurs in certain situations in which the contract between the original parties wouk be void but the goods have already been sold to a third party. c) This typitle is agguired from someone who alrey own the goods and clear. a I need Q 2 2. 1...
1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of...
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