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Chapter 24
Recording International and Internet Sales
10
Accounting
11th Grade
04/19/2011

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Term
Exports
Definition
goods or servieces shipped out of a seller's home country to a foreign country
Term
imports
Definition
goods or servies bought from a foreign country and brought into a buyer's home country
Term
contract of sale
Definition
a document that details all the terms agreed to by seller and buyer for a sales transaction
Term
letter of credit
Definition
a letter ussued by a bank guaranteeing that a named individual or business will be paid a specified amount, provided stated conditions are met.
Term
bill of lading
Definition
a receipt signed by the authorized agent of a tranportation company for merchandise received that also serves as a contract for the delivery of the merchandise
Term
commercial invoice
Definition
a statemetn perpared by the seller of merchandise addressed to the buyer, showing a detailed listing and description of merchandise sold, including prices and terms
Term
draft
Definition
a written, signed, and dated order from one party ordering another party, usually a bank, to pay monty to a third party
Term
sight draft
Definition
a dragt payable on sight when the holder presents it for payment
Term
time draft
Definition
a draft that is payable at a fixed or detemineable future time after it is accepted
Term
trade acceptance
Definition
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
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