All the Following Statements Are True Concerning a General Average

question 56

Multiple Choice

All the following statements are true concerning a general average loss under an ocean marine contract except:

• A) property is jettisoned voluntarily
• B) property is thrown overboard to try to save life and minimize loss of property
• C) anyone having a direct property interest in the voyage contributes toward the loss
• D) the ship owner does not have to contribute toward any loss since only cargo is destroyed

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Definitions:

Job Cost Sheets

Documents that track the costs associated with specific jobs or orders, detailing labor, materials, and overhead expenses.

Work in Process Inventory

Goods that are in the production process but are not yet complete, representing a stage between raw materials and finished goods inventory.

Direct Materials

Ingredients essential to the production of a product, which can be directly linked to its manufacture and are integral to the completed item.

Time Tickets

Documents used to record the amount of time an employee spends on various tasks, which is useful for cost accounting purposes.