Which of the Following Rules Specifies Whether the Importer Is

question 68

Multiple Choice

Which of the following rules specifies whether the importer is responsible for insuring cargo?

• A) World Trade Organization (WTO) rule
• B) Lloyds of London rule
• C) Incoterms ® rule
• D) Shipper's rule

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Definitions:

Multi-Product Organization

A company that produces and sells more than one type of product, often requiring complex management of resources and market strategies.

Single Product Organization

A business structure focused on the production and sale of one specific type of product.

Activity-Based Costing

An accounting method that assigns costs to products and services based on the activities and resources that go into producing them.

Single Overhead Rate

A method in cost accounting where a single rate is used to allocate each unit of overhead to products or cost objects.