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Goods in transit are included in a purchaser's inventory: ()

At any time during transit.
B. When the purchaser is responsible for paying freight charges.
C. When the supplier is responsible for freight charges.
D. If the goods are shipped FOB destination.

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The credit terms 2/10, n/30 is interpreted as: ()

A. 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days.
B. 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days.
C. 30% discount if paid within 2 days.
D. 30% discount if paid within 10 days.

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Special journals allow an efficient division of labor, which is also an effective control procedure. ()

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The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries. ()

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The cost-benefit principle prescribes that the benefits from an activity in an accounting information system outweigh the costs of that activity. ()

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Goods in transit are included in a purchaser's inventory: ()

At any time during transit. B. When the purchaser is responsible for paying freight charges. C. When the supplier is responsible for freight charges. D. If the goods are shipped FOB destination.

The credit terms 2/10, n/30 is interpreted as: ()

Special journals allow an efficient division of labor, which is also an effective control procedure. ()

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries. ()

The cost-benefit principle prescribes that the benefits from an activity in an accounting information system outweigh the costs of that activity. ()

At any time during transit.
B. When the purchaser is responsible for paying freight charges.
C. When the supplier is responsible for freight charges.
D. If the goods are shipped FOB destination.