______ Are Universal Trade Terminology Developed by the International Chamber

question 95

Short Answer

______ are universal trade terminology developed by the International Chamber of Commerce.

---

Definitions:

Cash Receipts

The collection of money, typically currency and checks, received by a business during a specified period.

Cash Payments

Outflows of cash to settle obligations or purchase assets.

Debit Balance

A condition where the sum of debits in an account exceeds the sum of credits.

Voucher System

An accounting system that involves a written authorization or record for any transaction that will result in a cash payment.