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8. The buyer must include goods purchased FOB shipping point in its inventory account if...

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Accounting

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8. The buyer must include goods purchased FOB shipping point in its inventory account if the goods are still in transit. a. True b. False 9. When the shipping terms are FOB destination, the buyer is usually responsible for paying transportation costs. a. True b. False 10. A company provides a three-year warranty for its products. The estimated cost of parts and labour required to satisfy warranty claims should be recorded as a current liability in the period the products are sold. a. True b. False 11. Employers withhold taxes from their employees' gross pay and later pay these amounts withheld to the taxing authority. a. True b. False 12. Costs incurred related to plant assets that are already in use are called revenue expenditures if the cost increases the useful life or the asset's productivity. a. True b. False

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