Which of the Following Establishes a Uniform Set of Rules

question 35

Multiple Choice

Which of the following establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations?

• A)Contracts for the International Sale of Goods
• B)Bill of Exchange
• C)United Nations Charter
• D)International Forwarding Agent Contract
• E)International Promissory Note

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Definitions:

Estimating Value of Inventory

The process of calculating the worth of unsold goods at the end of an accounting period using methods such as FIFO or LIFO.

Gross Profit Method

An inventory estimation technique that calculates the cost of goods sold by deducting sales revenue from the gross profit percentage.

Net Realizable Value

The estimated selling price of goods, minus the costs of their sale or disposal, used to assess the value of inventory or receivables.

Retail Inventory Method

An accounting method used to estimate the ending inventory and cost of goods sold of a retail company by using a cost-to-retail price ratio.