For Textile Goods Imported in the United States,the Country of Origin

question 46

True/False

For textile goods imported in the United States,the country of origin is the country in which the last change in Harmonized System classification occurred.

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Definitions:

Revenue Recognition

The process of recording income when it is earned and realizable, according to specific criteria, regardless of when the cash is received.

Completed-Contract Method

An accounting method where revenue and profit are recognized only when a contract is completed, commonly used in long-term project contracts.

Long-Term Contracts

Agreements that specify performance obligations and financial terms for periods typically longer than one year.

Percentage-Of-Completion Method

An accounting method used to recognize revenue and expenses of long-term projects proportionally to the work completed.