Incoterms are 11 trade terms that describe the responsibilities of the buyer and seller in international trade.
Answer the following statement true (T) or false (F)
True
Incoterms are a series of 11 internationally standardized terms that describe the conditions of sale and the responsibilities of the buyer and seller in international trade transactions. Incoterms describe the three issues that arise in a commercial transaction: which party does which tasks, which party covers the costs, and which party bears the risk.
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Planning is defined as
A. formulating a method to allocate resources effectively. B. motivating employees. C. coping with obstacles to past performance. D. setting goals and deciding how to achieve them. E. implementing strategic goals.
The entry to record the payment of a cash dividend will include a
a. debit to Retained Earnings; b. debit to Cash; c. credit to Cash; d. credit to Dividends Payable; e. credit to Retained Earnings
A contingent liability should be recorded when
a. any lawsuit is actually filed against a company. b. it is certain that funds are available to pay the amount of the claim. c. it is probable that a liability has been incurred even though the amount of the loss cannot be reasonably estimated. d. the amount of the loss can be reasonably estimated and it is probable prior to issuance of financial statements that a liability has been incurred.
Data on the growth of online business transactions over a five-year period would best be shown in a line chart
Indicate whether the statement is true or false