According to the New Rules Drawn by the ICC,all Letters

question 25

Multiple Choice

According to the new rules drawn by the ICC,all letters of credit are considered _____ unless otherwise stated.

• A) irrevocable
• B) inconclusive
• C) reversible
• D) transitional

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Definitions:

Lease Payment

Periodic payments made by a lessee to a lessor for the use of an asset.

Net Advantage to Leasing

A financial concept that compares leasing to purchasing, calculating the costs saved or incurred over the lease term.

Equipment Cost

The total expenditure incurred to purchase, install, and make operational a piece of equipment.

CICA

Canadian Institute of Chartered Accountants, responsible for setting accounting and auditing standards in Canada.