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47. Consignments are a specialized marketing method where the consignee: a. Purchases goods for sale and sends payment when the goods are sold. b. Holds title to the product. c. Pays for the goods up front and is paid when merchandise is sold. d. Takes possession of merchandise but title remains with the seller. 48. Consigned goods are recognized as revenues by the a. consignor when a sale to a third party has occurred. b. consignor when the merchandise has been shipped to a consignee. c. consignee when a sale to a third party has occurred. d. consignor when it receives payment from consignee for goods sold. 49. A building was depreciated for 30 years of an originally estimated life of 50 years. The estimate has now been revised to a remaining life of 10 years. Based on this: a. Continue to depreciate the building over the original 50-year life. b. Depreciate the book value over the remaining life of the asset. c. Adjust accumulated depreciation to its appropriate balance through net income based on a 40-year life, and then depreciate the adjusted book value as if the estimated life had always been 40 years. d. Adjust accumulated depreciation to its appropriate balance through retained carnings based on a 40-year life, and then depreciate the adjusted book value as if the estimated life was always 40 years. 50. Which of the following is (are) the proper time period(s) to record the effects of a change in accounting estimate? a. Current period and prospectively b. Current period and retrospectively c. Retrospectively only d. Current period only. 51. If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the a. nature of the relationship between the parties to the transactions. b. nature of any future transactions planned between the parties and the terms involved. c. dollar amount of the transactions for each of the periods for which an income statement is presented. d. amounts due from or to related parties as of the date of each balance sheet nresented

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