Advanced Accounting - Chapter 24
Terms in this set (10)
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.
A draft that is payable at a fixed or determinable future time after it is accepted.
A draft payable on sight when the holder presents it for payment.
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.
Goods or services shipped into the buyer's home country from another country.
Goods or services shipped out of a seller's home country to another country.
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party
Contract of sale
A document that details all the terms agreed to by seller and buyer for a sales transaction.
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.
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.