A buyer and seller have contracted for goods that are to be delivered C.O.D. Which is true?
A) The seller is unable to inspect the goods prior to paying for them, but remains able to
reject them if inspection after payment uncovers nonconformities.
B) The C.O.D. clause is unconscionable unless there were past payment problems.
C) The seller is unable to reject the goods or to inspect the goods prior to paying for them.
D) The payment of the C.O.D. amount is an irrevocable acceptance of the goods.
A
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Which of the following statements is true concerning external users of financial information?
a. External users need detailed records of the business to make informed decisions. b. External users are primarily responsible for the preparation of financial statements. c. External users rely on the financial statements to help make informed decisions. d. External users rely on management to tell them whether the company is a good investment
The term "accounting independence" refers to
a. data integrity b. separation of duties, such as record keeping and custody of physical resources c. generation of accurate and timely information d. business segmentation by function
Which of the following is a primary mechanism managers use for motivating people in the workplace and meets lower-level needs?
A. money B. recognition C. autonomy D. flexible work schedule
The budgeted cost of products to be sold in a future period would be found in the
a. production budget. b. sales budget. c. purchases budget. d. pro forma income statement.