Letter of Credit
What do you mean by Letter of Credit?
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Letter of Credit (abbreviated as LC) is a set of documents that are very necessary for goods being transported from one country to the other. This set comprises that of invoices, shipping documents, guarantees and others.
It is a letter of credit points out that for the customer’s ability (that is, credit limit) and in other words LC is a commitment from bank to the receiver for the payment.
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Which of the following adjustments is an example of an accrual adjustment? an asset/expense adjustment involving depreciation an asset/expense adjustment involving insurance a liability/expense adjustment involving utility expenses a liability/revenue adjustment involving unearned revenues
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