In Order for an Importer to Come Under the Scope

question 42

Multiple Choice

In order for an importer to come under the scope of informed compliance,it must show that it

• A) has exercised reasonable care in the filing of its Customs entries.
• B) pays duties up to three months in advance.
• C) has not hired a Customs specialist
• D) All of the above
• E) None of the above

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Definitions:

Discounted Note

A promissory note whose proceeds are less than its face value because it was sold or issued at a discount.

Account Balance

The amount of money present in an account at any given time, reflecting all transactions such as deposits, withdrawals, and interest earned.

Financial Statement

A report in written form that provides a quantitative analysis of a corporation's financial status, encompassing the balance sheet, income statement, and cash flow statement.

Temporary/Permanent

In accounting, this distinction refers to how certain accounts (temporary) close at the end of a fiscal period, while others (permanent) carry their balances forward.