Exams give everyone a thought that they are not fully prepared. Having done a mock exam in class in preparation for the finals this review questions cover some concepts that you should ensure you understand fully. Give it a try and all the best as you revise for the finals.
The buyer has title to the goods until they are delivered.
The seller has title to the goods until they are delivered.
The shipper has title to the goods while they are in transit.
No one has title to the goods until they are delivered.
An art gallery.
A car dealer.
A piano manufacturer.
Because inventory costs change and tracking which units actually sold is difficult.
Because cost flow must follow the physical flow of the inventory.
Because average days in inventory must be computed.
So as to compute total operating expenses.
Here's an interesting quiz for you.