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A1C24
Accounting 1 Chapter 24
| Term | Definition |
|---|---|
| bill of lading | a receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise |
| commercial invoice | a statement prepared by the seller of merchandise addressed to the buyer showing a detailed listing and description of merchandise sold, including prices and terms |
| contract of sale | a document that details all the terms agreed to by seller and buyer for a sales transaction |
| draft | a written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party |
| exports | goods or services shipped out of a seller's home country to a foreign country |
| imports | goods or services bought from a foreign country and brought into a buyer's home country |
| letter of credit | a letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount provided stated conditions are met |
| sight draft | a draft payable on sight when the holder presents it for payment |
| time draft | a draft that is payable at a fixed or determinable future time after it is accepted |
| trade acceptance | 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 |
Created by:
mrs226
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