A _____ Is Issued to the Exporter by the Common

question 61

Multiple Choice

A _____ is issued to the exporter by the common carrier transporting the merchandise and it serves as a receipt,a contract,and a document of title.

• A)bill of lading
• B)collateral
• C)draft
• D)letter of credit

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Definitions:

Contra Accounts

Accounts used in the accounting ledger to reduce the value of a related account when the two are netted together.

Perpetual Inventory

An inventory management system where updates are made continuously as inventory items are bought and sold.

Cash Sales

Transactions in which the buyer pays for a good or service at the time of the sale with cash or its equivalent.

Cost of Merchandise

The total expense incurred by a business to buy or produce the goods it has sold during a specific period.