b) partners c) principles d) shareholders entity receives $1,000 cash from customers when services are by $1,000 by $1,000 8. The chart of account is c) a system of organizing and numbering the accounts in the ledger d) a table that summarizes the 9. Under FOB shipping point A. the seller remains with ownership of goods until the buyer receives them 8. the buyer gains ownership of goods when public carrier accepts the goods from the C the public carrier is the owner of the goods in transit D. none of the above 10. When using the LIFO method A. the first goods to be sold are the latest goods purchased B. ending inventory is based on prices of the latest goods purchased C. ending inventory is based on prices of the oldest goods purchased o a and c only 11. Which of the following is true about just-in-time inventory? A. When using JIT inventory methods, goods are purchased of manufactured in advance 8. Companies purchase or manufacture goods just in time for use C. JIT inventory methods are very costly and are not used often a and c only none of the above tory falls under what category on the balance sheet