The Purpose of the Bill of Lading Is To

question 12

Multiple Choice

The purpose of the bill of lading is to:

• A) transfer title of the goods to the freight forwarder.
• B) prevent shipping delays.
• C) enable the seller to transfer title of the goods to the buyer and receive payment.
• D) none of these are correct.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for financial reporting worldwide.

Fair Value Option

An accounting choice that allows companies to measure specific financial assets and liabilities at their fair values.

Defective Product Returns

Products that are returned to the manufacturer or seller due to their failure to meet quality or functionality standards.

Sales Returns

are goods returned by customers to the seller for a refund or credit, representing a reversal of sales previously recorded.