Author Question: Hi-View Industries, sells merchandise to Action Powersports on account. As terms of the deal, ... (Read 102 times)

burchfield96 · **on:** Jul 6, 2018

Hi-View Industries, sells merchandise to Action Powersports on account. As terms of the deal, Hi-View Industries will coordinate the shipment, but Action Powersports is responsible for paying the shipping costs. This is an example of:
a. FOB Destination
b. FOB Shipping Point
c. Freight-In
d. Freight-Out

Question 2

If a government is obligated legally to report information in a manner that differs from GAAP:

a. GAAP take precedence over the legal requirements.
b. Legal requirements take precedence over GAAP.
c. Both GAAP requirements and legal requirements must be met.
d. Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner.