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ABC Company purchases inventory on account from XYZ; ABC records the cost of the inventory purchase: when the order is placed when the invoice is
ABC Company purchases inventory on account from XYZ; ABC records the cost of the inventory purchase:
when the order is placed
when the invoice is received
when the merchandise has been delivered
on the purchase date specified in the purchase agreement
when legal title passes from XYZ to ABC
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Financial Accounting IFRS
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
