Examlex
________ means that partners can commit or bind the partnership to any contract within the scope of the partnership business.
FOB Shipping Point
A term used in shipping indicating that the buyer assumes responsibility for the goods and shipping costs the moment the goods leave the seller's premises.
Merchandise Inventory
Goods and products that a firm holds with the intent to sell them as part of its business operations; considered a current asset on the balance sheet.
Perpetual Inventory System
A method for accounting inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
MasterCard
A multinational financial services corporation that facilitates electronic funds transfers globally, primarily through its branded credit and debit cards.
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