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Q. What is Passage of title in transpotation?
Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from seller to buyer at the FOB point. Therefore when goods are shipped FOB shipping point title typically passes to the buyer at the shipping point. When goods are shipped FOB destination title typically passes at the destination.
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Why is it important for accounting information to be accurate and timely?
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Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
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