Accounting Chapter 24

Front

Goods or services shipped out of a seller's home country to a foreign country are exports.

Back

True

Front

A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount provided stated conditions are met is a letter of credit.

Back

True

Front

A bill of lading serves as a customer invoice for merchandise sold.

Back

False

Front

A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money usually at a stated time in the future is a trade acceptance.

Back

True

Front

International sales are not a very important source of revenue for businesses throughout the world.

Back

False

Front

International sales are more complex than domestic sales.

Back

True

Front

Credit card sales are not considered to be cash sales.

Back

False

Front

All transactions in the U.S. are covered by the same universal commercial laws and the same accounting standards.

Back

True

Front

The terminal summary is used as the source document for Internet sales.

Back

True

Front

Few businesses use trade acceptances in international sales. True or False?

Back

True