Which of the Following Are Exemptions of the Ocean Carriers

question 13

Multiple Choice

Which of the following are exemptions of the Ocean carriers' liability?

• A) Insufficiency of packing.
• B) Errors in the navigation or management of the ship.
• C) Acts of God.
• D) All of the above.

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Definitions:

Equivalent Units

A concept in cost accounting used to express the amount of materials or labor in terms of complete units of production.

Conversion Costs

The costs incurred to convert raw materials into finished goods, including direct labor and manufacturing overhead.

FIFO Process Cost Method

An accounting method for valuing inventory and cost of goods sold, where the oldest costs are assigned to the sold units first.

Unit Cost

Unit cost represents the total expense incurred to produce, store, and sell one unit of a product or service, including all variables and fixed costs.