Developed Under the Auspices of the Custom Cooperation Council (Now

question 75

Multiple Choice

Developed under the auspices of the Custom Cooperation Council (now the World Customs Organization) the system which took effect is referred to as:

• A) preferential tariffs.
• B) Harmonized tariff.
• C) BTN duty.
• D) Specialized tariff.
• E) antidumping duty.

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Definitions:

Cost of Goods Sold

Costs incurred directly from the production process of goods a company offers for sale.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

LIFO Reserve

The difference between the cost of inventory calculated using the Last-In, First-Out (LIFO) method and the cost calculated using the First-In, First-Out (FIFO) method.

FIFO Costing

First-In, First-Out, an inventory valuation method that assumes that the first items placed in inventory are the first sold.