An Independent Logistics Provider That Performs All of the Functions

question 13

True/False

An independent logistics provider that performs all of the functions required to get a client's product to market is known as a third-party logistics (3PL)provider.

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Definitions:

Accounting Equation

The fundamental principle of accounting stating that Assets = Liabilities + Equity.

Measurement Principle

A financial accounting principle that determines the specific basis (historical cost or fair value) on which assets and liabilities are recorded in the financial statements.

Actual Cost

The incurred cost that reflects the real financial expenditure on a project, purchase, or activity.

Accounting Equation

The fundamental equation of double-entry bookkeeping, represented as Assets = Liabilities + Equity.