Which of the following indicates that the shipment is free on board and the buyer pays all of the shipping and freight costs?
A) Cash on delivery
B) FOB shipping point
C) FOB destination
D) 2/10, n/30
B) FOB shipping point
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When a credit sale takes place,
A) a revenue account will increase. B) liabilities will increase. C) one asset account will increase and another will decrease. D) assets will be unaffected.
The abbreviation FOB stands for Free On Board
Indicate whether the statement is true or false
A good interpreter will be
a. bilingual, familiar with both business cultures, and employed by one of the businesses. b. bicultural, bilingual, and familiar with both business cultures. c. bicultural and an employee of the visiting business. d. bicultural, bilingual, and employed by the host business.
Larissa leases to Metal Fabrication Corporation a 10,000 square-foot building under a written lease with a twenty-year term, rent payable an nually. The lease includes a clause stating that Metal Fabrication is re sponsi ble for making all necessary
repairs, including rebuilding the structure after its destruction by any cause beyond Larissa's control. The lease does not include a clause concerning its assignment. One day after the tenth rental payment, Metal Fabrication, without Larissa's knowledge or consent, assigns its interest in the lease to National Steel, Inc Meanwhile, Larissa dies and Olina inherits her interest in the building. Without the knowledge or consent of either Metal Fabrication or National Steel, Olina sells the building to Prime Properties, Inc The next month, the building is destroyed in a devastating storm. Metal Fabrication rebuilds it and files a suit against Prime Properties for the expense. The defendant responds that the lease has terminated. Is Prime Properties correct? If so, when did the lease terminate? If not, is Prime Properties liable for the cost of rebuilding the structure? Why or why not?