How are port authorities organized? What is the function of port authorities?
Intercontinental trade moves primarily through airports and seaports, while intracontinental trade moves directly from origin to destination through international gateways or indirectly through intermodal transfer terminals and inland ports. Seaports and airports are discussed in detail below.
Port facilities can be privately owned, though the vast majority of major international seaports and airports are government owned. The facilities are managed by a port authority, a governmental or quasigovernmental public agency charged with creating and supporting economic development in the port area. At a landlord port, the port authority builds the wharves, which it then rents or leases to a terminal operator. When the port authority is an operating port, it owns the facilities, cranes, and cargo handling equipment, hires the labor, and manages most of the day-to-day operations.
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Boston Trombley Company is a defendant in a lawsuit alleging damages of $3 billion. The litigation is anticipated to continue for several years, but no reasonable estimate can be made at this time regarding ultimate financial responsibility. This situation is an example of:
a. An $3 billion expense to be recorded in the income statement during the year of the suit. b. A loss contingency that should be disclosed in the notes to Boston's financial statements. c. An estimated liability that must appear in Boston Trombley Company's balance sheet. d. None of these. No accrual or disclosure is required in Boston's financial statements.
Free market economics is grounded in the ________.
A. rights-based framework of ethics B. utilitarian framework of ethics C. legal framework of ethics D. principle-based framework of ethics
According to the text, the level of intracompany trade of multinationals in 1930, as a percentage of world trade, may have exceeded the proportion at the end of the 20th century.
Answer the following statement true (T) or false (F)
The capital expenditures budget summarizes future plans for acquisition of fixed assets
Indicate whether the statement is true or false