A draft requiring immediate payment is called a(n)
a.) bill of exchange
b.) sight draft
c.) time draft
d.) documentary draft
Ans: b.) sight draft
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Which of the following actions would most likely create an opportunity for fraud?
a. requiring all documents over seven years old be shredded b. requiring that the department manager authorize purchase orders only for purchase amounts for more than $100 c. requiring one password code for each entire department to enter the storeroom d. using a manual accounting system
The first step in determining the cost of goods completed and ending inventory valuation using process costing is to calculate equivalent units of production
Indicate whether the statement is true or false
The United States and other members of a certain organization agree to grant normal trade relations (NTR) status to each other with regard to im¬ports and exports. This organi¬zation is
a. the Convention on Contracts for the International Sale of Goods. b. the International Export-Import Bank. c. the United Nations. d. the World Trade Organization.
Explain why the absence of covered interest arbitrage possibilities can be characterized by two inequalities in the presence of bid–ask spreads in the foreign exchange and external currency markets
What will be an ideal response?