Importing Involves Merchandise but Not Services

question 53

True/False

Importing involves merchandise but not services.

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Definitions:

Service Charge Expense

Service charge expense refers to fees charged for specific services provided, often recognized as an expense in accounting records.

Accounts Receivables

Sums due to a company from its clients for products or services provided but not yet compensated for.

Factor

A financial intermediary that purchases receivables from businesses, providing them with immediate cash flow.

Sale of Receivables

The process of selling outstanding invoices to a third party in order to receive immediate payment.