Reference no: EM132650498

Question 1: When merchandise is shipped FOB (free on board) Destination:

Select one:

A. The buyer pays for the shipment.
B. Title passes to buyer when merchandise is delivered.
C. Title passes to buyer when merchandise is shipped.
D. There is no charge for the shipment.

Question 2: Which of the following statement is true regarding inventory costing?

Select one:

A. Under LIFO, the first units purchased are sold and ending inventory is made up of the most recent purchase
B. The cost of ending inventory is the same Under the LIFO and FIFO methods.
C. Both statements are true
D. None of the above statements are true

Question 3: When preparing a bank reconciliation, which of the following items are added to the bank statement cash balance?

Select one:

A. Outstanding checks
B. Deposits not recorded by the bank
C. Bank service charges
D. Interests collected by the bank for the company