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Accounting Chapter 24 Flashcards | StudBud
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Accounting Chapter 24
Accounting Chapter 24
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accounting
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1
International sales remain a minor source of revenue for both small & large businesses.
True
False
2
A letter issued by a bank guaranteeing that a business will be paid a specified amount.
letter of credit
promise to pay
guarantee of credit
statement of credibility
3
A document that details all the terms agreed to for a sales transaction is called a:
commercial invoice
bill of sale
contract of sale
bill of lading
4
An advantage of importing materials or services is:
consumers prefer imported products
a business can obtain the merchandise sooner
the quality of the merchandise is superior
materials may not be available within their own country
5
Goods or services shipped out of a seller's country to a foreign country are called exports.
True
False
6
What is a disadvantage of importing materials or services?
Greater distances & sometimes more complex transportation.
All of these answers are disadvantages.
The lack of uniform commercial laws.
Difficulty in determining a customer's financial condition.
