As a _____,A Bill of Lading Can Be Used to Obtain

question 103

Multiple Choice

As a _____,a bill of lading can be used to obtain payment or a written promise of payment before the merchandise is released to the importer.

• A)document of title
• B)contract
• C)receipt
• D)time draft

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Definitions:

Closing Entries

Entries recorded at the accounting period's close to shift balances from temporary to permanent accounts.

Book Value

The net value of an asset or company, calculated as total assets minus total liabilities and intangible assets such as goodwill.

Equipment

Tangible assets used in the operations of a business, often having a useful life longer than one year.

Accumulated Depreciation

The aggregate depreciation charged against a tangible asset over its useful life to represent wear and tear.