How will you recognise revenue in case sale is made on FOB basis and in case of CIF basis? Explain.

January 28, 2023

A. The recognition of revenue in case of FOB (Free on Board) and CIF (Cost, Insurance and Freight) basis is determined by the point at which the ownership of the goods is transferred to the buyer. In case of FOB (Free on Board) basis, the ownership of the goods is transferred to the buyer once...

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