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There Are Three Types of Documents of Title Governing Bailments

question 56

Essay

There are three types of documents of title governing bailments.Please list and describe each type of document,including when and by whom each would be used.


Definitions:

FOB Shipping Point

A term indicating that the buyer assumes responsibility and ownership of goods the moment they are shipped from the seller's location.

Credit Memo

A document issued to a buyer, reducing the amount they owe due to a return or rebate.

Chart of Accounts

A systematic list of all accounts used by an organization, essential for organizing financial information and preparing financial statements.

Merchandising Business

A commercial enterprise that purchases goods in a finished condition for the purpose of resale without further manufacturing.

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