Read the following Paragraphs and answer the following Questions Teamwise

C.I.F: Cost, Insurance and Freight (CIF) is an expense paid by a seller to cover the costs, insurance, and freight against the possibility of loss or damage to a buyer's order while it is in transit to an export port named in the sales contract. Until the loading of the goods onto a transport ship is complete, the seller bears the costs of any loss or damage to the product. Further, if the product requires additional customs or export paperwork or requires inspections or rerouting, the seller must cover these expenses. Once the freight is loaded, the buyer becomes responsible for all other costs.

Collateral Security: Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan. If the borrower stops making the promised loan payments, the lender can seize the collateral to recoup its losses. Since collateral offers some security to the lender should the borrower fail to pay back the loan, loans that are secured by collateral typically have lower interest rates than unsecured loans. A lender's claim to a borrower's collateral is called a lien.

Compound Entry: A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries; they are combined for either of these reasons:

It is more efficient from a bookkeeping perspective to aggregate the underlying business transactions into a single entry. Examples of aggregation that may involve compound journal entries are:
Depreciation for multiple classes of fixed assets
Accruals for multiple supplier deliveries at month-end for which no invoices have yet been received
Accruals for the unpaid wages of multiple employees at month-end

All of the debits and credits relate to a single accounting event. Examples of accounting events that frequently involve compound journal entries are:
Record all payments and deductions related to a payroll
Record the account receivable and sales taxes related to a customer invoice
Record multiple line items in a supplier invoice that relate to different expenses
Record all bank deductions related to a bank reconciliation

An example of a compound journal entry is a payroll entry, where there is a debit to salaries expense, another debit to payroll taxes expense, and credits to cash and a variety of deduction accounts.

Consignment Invoice: An invoice for goods that is sent to a person or company that is not the owner but that is responsible for selling the goods or returning them to the owner if they are not sold.

(Start Quiz) Team 1

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