Generally, a bailee can pass good title to a good-faith purchaser even when the sale was not authorized by the owner
Indicate whether the statement is true or false
True
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Which of the following statements is true of shipping costs?
A. The terms and conditions of a sale exclude shipping costs involved in transporting the goods. B. "FOB installed" indicates that the title and responsibility are transferred before an equipment is installed and used for operation. C. Shipping costs are solely borne by the seller. D. FOB destination means the buyer will take responsibility for goods once they reach the buyer's location and the seller will pay the freight. E. FOB origin is also referred to as FOB installed.
Financial statement elements relating to income are defined in FASB Concepts Statement 6 as follows:
a. Gains are increases in equity from ongoing major or central operations of an entity. b. Expenses are outflows of assets or liabilities incurred from peripheral or incidental transactions of an entity. c. Revenues are inflows or other enhancements of assets or settlements of liabilities from ongoing major or central operations. d. Losses are all decreases in equity other than from transactions with owners.
The net realizable value approach requires that the net realizable value of by-products and scrap be treated as a reduction in joint costs allocated to primary products
Indicate whether the statement is true or false
Multiple optimal solutions provide ________ flexibility to the decision maker
A) greater B) less C) greater or equal D) less or equal