Civil Proceedings Are Commenced By

question 16

Multiple Choice

Civil proceedings are commenced by:

• A)a Statement of claim.
• B)a Counter claim.
• C)third party proceedings.
• D)a Defence.

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Definitions:

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, providing a continuously updated inventory balance.

Inventory Destroyed

This term describes inventory items that have been lost, damaged beyond repair, or otherwise rendered unusable and must be written off from the business's accounts.

Retail Inventory Method

An accounting technique used by retailers to estimate inventory levels based on the cost to retail price ratio.

Net Markups

Net Markups refer to the increase in the selling price of goods beyond their purchase price, net of any discounts or allowances.