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Chapter 24
Recording International and Internet Sales
10
Accounting
12th Grade
01/10/2013

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Term
Exports
Definition
goods or services shipped out of a seller's home country to a foreign country
Term
Imports
Definition
goods or services bought from a foriegn county and brought into a buyer's home country
Term
Contract of sale
Definition
a document that deatails all the terms agreed to by the seller and buyer for a sales transaction
Term
Letter of credit
Definition
a letter issued by a bank guaranteeing that a named individual or business will be paid a specific amount, provided stated conditions are met
Term
Bill of landing
Definition
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
Term
Commercial invoice
Definition
a statement prepared by the seller of the merchandise addressed to the buyer, showing a detailed listing and desription of merchandise sold, includng prices and terms
Term
Draft
Definition
a written, signed, and dated oreder from one party ordering another party, usually a bank, to pay money to a third party
Term
Sight draft
Definition
a draft payable on sight when the holder presents it for payment
Term
Time draft
Definition
a draft that is payable at a fixed or determinable future time after it is accepted
Term
Trade acceptance
Definition
s form signed by a buyer atthe 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
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