Mountainside Coffee Company and Nature's Cuisine, Inc, enter into a contract for a sale of coffee beans. The contract includes the term "F.O.B. Ocean City," which is the location of Nature's Cuisine. This means that the contract is
A) a bill of lading.
B) a destination contract.
C) a shipment contract.
D) a warehouse receipt.
Answer: B
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When it is possible to make a reasonable estimate of the amount of uncollectible accounts, the allowance method is preferred for financial reporting purposes
a. True b. False Indicate whether the statement is true or false
If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of
a. Comparability b. Consistency c. Neutrality d. Understandability
The present value of a future sum decreases as either the discount rate or the number of periods per year increases, other things held constant.
Answer the following statement true (T) or false (F)
People tend to interpret new information in a way that will support what they already believe. This is called ________
A) selective retention B) selective distortion C) cognitive dissonance D) selective attention E) cognitive bias