Physical Inventory Count, Ownership of Goods, and Consigned Goods Video Lessons

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Problem: Which of the following statements is true? a. revenue is recorded when goods are shipped f.o.b. destination. b. revenue is recorded when cash collection is made. c. revenue is recorded upon delivery when goods are shipped f.o.b. destination. d. revenue is recorded either when the sale is made, collection occurs and/or delivery is made. It is the company’s decision.

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Problem Details

Which of the following statements is true?

a. revenue is recorded when goods are shipped f.o.b. destination.

b. revenue is recorded when cash collection is made.

c. revenue is recorded upon delivery when goods are shipped f.o.b. destination.

d. revenue is recorded either when the sale is made, collection occurs and/or delivery is made. It is the company’s decision.

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