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Goods in transit refers to merchandise and other inventory items that have been shipped by the seller, but have ..I.. been received by the purchaser. To illustrate goods in transit, let's use the following example. Company J ships a truckload of merchandise on December 30 to Customer K, which is located 2,000 miles away. The truckload of merchandise arrives at Customer K on January 2. Between December 30 and January 2, the truckload of merchandise is goods in transit. The goods in transit requires special attention if the companies issue financial statements as of December 31. The reason is that the merchandise is the inventory of one of the two companies. However, the merchandise is not physically present at either company. One of the two companies must add the cost of the goods in transit to the cost of the inventory that it has in its possession.
The terms of the sale will indicate which company should report the goods in transit as its inventory as of December 31. If the terms are FOB shipping point, the seller (Company J) will record a December sale and receivable, and ..II.. include the goods in transit as its inventory. On December 31, Customer K is the owner of the goods in transit and will need to report a purchase, a payable, and must add the cost of the goods in transit to the cost of the inventory which is in its possession.
If the terms of the sale are FOB destination, Company J will not have a sale and receivable until January 2. This means Company J must report the cost of the goods in transit in its inventory on December 31. (Customer K will not have a purchase, payable, or inventory of these goods until January 2.)
(Adapted from http://www.accountingcoach.com/blog/what-are-goods-in-transit)
Read the Text I and answer the five questions that follow it.
Text I
Correspondence
Human genome editing: potential seeds of conflict
Recently, The Lancet published an important declaration regarding the necessity of regulating and legislating for human genome editing. We agree with their opinions that the human genome editing technology and resulting research can have both positive and negative effects on human society. The use of genome editing for research and commercial purposes has sparked debates in both biological and political realms. However, most of them have mainly focused on the effects of human genome editing on the patients themselves, and little attention has been paid to their offspring.
Several films, such as Gattaca and Gundam SEED, have addressed the conflicts that arise from human genome editing. Such conflicts not only exist within the generation who have experienced editing but are also transmitted to their offspring. For example, in these films, the offspring of people without genome editing felt a sense of unfairness regarding the inferiority of their physical (or other non-edited domains) status, whereas the offspring of people with genome editing grew up in a biased, discriminated against, and ostracized environment. They could have lived in peace with a strong and well regulated government; however, when the tenuous grip of government weakens, jealousy and resentment can lead to ruins. Although these scenes still exist in films, they might become increasingly plausible in decades to come. Using the concept of preparedness, access, countermeasures, tools, and trust, we should prepare legitimate human genome editing, establish access to deal with imminent or potential discrimination, develop countermeasures and tools for prevention and resolution of conflict, and entrust future generations with the responsibility to use them wisely.
Bing-Yan Zeng, Ping-Tao Tseng, *Chih-Sung Liang
Adapted from: www.thelancet.com, vol. 401, June 24, 2023 athttps://www.thelancet.com/action/showPdf?pii=S0140-6736%2823%2901084-X
The main verb in “has sparked debates” is similar in meaning to
Complete the sentence with the appropriate option:
I ________________________ for the test at the moment.