Chandler Company bought goods from Lisel Company, with shipping terms FOB destination. Which of the following statements correctly identifies who is to pay the freight bill when the title is transferred?
a. Lisel pays transportation, and title is exchanged when goods are unloaded at Chandler Company.
b. Chandler pays transportation, and title is exchanged when goods are loaded at Lisel Company.
c. Lisel pays transportation, and title is exchanged when goods are unloaded at Lisel Company.
d. The buyer pays the freight, thus the term FOB (free on board).
e. Chandler pays transportation, and title is exchanged when goods are unloaded at Chandler Company.
Question 2
What best describes the relationship of the FASB and the GASB?
a. They are co-equal bodies with different areas of responsibility for standards setting.
b. The FASB standards are authoritative for governments. However, the FASB asks the GASB to establish guidelines for many unique transactions of government that the FASB does not have time to consider.
c. GASB standards are authoritative for governments unless they have been overruled by the FASB.
d. Governments are not permitted to apply any FASB standard under any circumstances for any government operations.
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