If a promissory note is not paid on time, it cannot be protested.
A. Right
B. Wrong
C. Doesn't say
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Two accounting systems car generally be used to account for foreign exchange transactions, namely, ______.
A. the single entry system and the double entry system
B. the single entry system and the multiple currency accounting system
C. the double entry system and the multiple currency accounting system
D. None of the above is true.
The seller in an open account must know that in some circumstances he can present open account receivable to a law institution for acceptance.
A. Right
B. Wrong
C. Doesn't say
A standby letter of credit ______.
A. is a promise by the importer to honor the beneficiary's presentation of the documents
B. is never used as a payment mechanism
C. is used when the obligation in the underlying transaction is not performed by the obligor
D. can not be used to assure the performance of non - monetary obligations
In the US and most other countries, the corporate form of organization is the most important in terms of dollar value of assets ______.
A. owed
B. owned
C. outstanding
D. balance
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