Asked by
paula culma
on Oct 28, 2024
Verified
When goods are shipped FOB shipping point,title passes to the buyer on the shipment date.
FOB Shipping Point
A shipping term indicating that the buyer assumes responsibility for the goods and shipping costs the moment the goods leave the seller's premises.
Title Passes
Refers to the transfer of ownership of property or goods from a seller to a buyer upon the fulfillment of certain conditions.
Shipment Date
The date on which goods are dispatched to a customer.
- Acquire knowledge on the principle of recognizing revenue and its implementation in cases of FOB shipping and FOB destination.
Verified Answer
AB
Learning Objectives
- Acquire knowledge on the principle of recognizing revenue and its implementation in cases of FOB shipping and FOB destination.