Freight terms of FOB shipping point mean that the: buyer must bear the freight costs (shipment cost). o seller must bear the freight costs (shipment cost). shipping company should bear the freight costs (shipment cost), both seller and buyer divide the freight cost (shipment cost). QUESTION 14 A busic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the corporate form of ownership stand alone concept business as a separate entity assumption monetary unit assumption