The internationally accepted standard definitions for terms of sale set by the International Chamber of Commerce (ICC) which set out the responsibilities of the buyer and the seller in export transactions and identifies when ownership of goods passes from seller to buyer are called:
(a) INCOTERMS
(b) G-TERMS
(c) ICC-TERMS
(d) EX-TERMS
(e) O-TERMS
(a) INCOTERMS
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A manufacturing firm will most likely have the heaviest investment in which type of assets?
a. Cash b. Inventory c. Accounts receivable d. Investments e. Plant, property, and equipment
Operating expenses other than depreciation for the year were $400,000. Prepaid expenses increased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be
A) $353,000 B) $413,000 C) $447,000 D) $383,000
Since electronic teams (e-teams) seldom meet face-to-face, it is not important for them to be concerned with how to combine individual contributions effectively.
Answer the following statement true (T) or false (F)
Organic Farms Company contracts to buy two tracts of land from Prime Bottomland, Inc Both parties believe that the two tracts are adjacent, but in fact they are not. Prime Bottomlandis still willing to sell the land, but under these circumstances the deal would adversely affect Organic Farms. The parties' belief about the adjacency of the property is
a. a bilateral mistake. b. a fraudulent misrepresentation. c. a unilateral mistake. d. unconscionable.