The buyer and seller of merchandise must agree on who is responsible for paying freight terms. Show your understanding of freight terms by selecting all of the correct statements below. (Check all that apply.)

(a)-Terms FOB shipping point means the seller of the goods is responsible for freight charges.

(b)-Terms FOB destination means that the seller is responsible for shipping costs.

(c)-Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.

(d)-When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.

(e)-Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.

(f)-When the shipping costs are the responsibility of the seller, then the Merchandise Inventory account is debited.

Question

25-03-2020
Business

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The buyer and seller of merchandise must agree on who is responsible for paying freight terms. Show your understanding of freight terms by selecting all of the correct statements below. (Check all that apply.)

(a)-Terms FOB shipping point means the seller of the goods is responsible for freight charges.

(b)-Terms FOB destination means that the seller is responsible for shipping costs.

(c)-Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.

(d)-When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.

(e)-Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.

(f)-When the shipping costs are the responsibility of the seller, then the Merchandise Inventory account is debited.

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Answer:

c,d and e

Explanation:

The correct statements given in the options are as stated below:

(c)-Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.

This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped.

(d)-When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.

This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped, hence the shipping costs are the buyers responsibility and will form part of the costs of the goods

(e)-Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.

This is true because Free on Board destination means that the seller bears all liability whatsoever till the goods are delivered, hence the revenue for the goods can only be recognized upon successful delivery