Often times the currency used is the currency of the seller.
The scenario where both parties are bound to the terms of the lease illustrates a contract.
<h3>What is a lease?</h3>
A lease simply means a contractual agreement that calls for the user of a property or asset to pay the owner.
In this case, a requirement of an enforceable lease is that both parties are bound to the terms of the lease and this is termed the contract of the lease.
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Answer:
D. Retained earnings
Explanation:
Retained earnings refer to those profits that are not distributed back to the shareholders as dividends but rather are retained for a specific purpose which may include reinvesting the money back, debt payments, purchase of assets and so on. It also refers to the amount of profit remaining after dividends has been paid to shareholders. Retained earnings does not necessarily mean that there was surplus cash in an accounting year. It only identifies for what purpose is the product made been used for. In this case, since the managers decided to reinvest their profits the following year it is called retained earnings.
Answer:
Import restrictions are steps or measures employed by the government of a country to reduce the volume of import in a country.
A country can take different measures to restrict import popularly known as import control measures. The following are the most popular import restriction measures.
IMPORT RESTRICTION
1. Import duties
2. Import quota
3. Currency restriction
4. Import License
5. imports surveillance
Explanation:
1. Import duties
These are taxes levied on goods imported to make them less attractive. Import duties are also called custom duties. Import duties increases the prices of imported goods.
2. Import quota
Import quota is another import restriction measure employed by a country to reduce the quantity of imported products, either of a particular goods or from a particular trade partner. This measure ensures a certain import target is not exceeded.
3. Currency restriction
Since foreign currency is used for the payment for imports, a government who is embarking on trade restriction can restrict the supply of foreign currency to make payment for import a bit difficult, thereby reducing the quantity of import.
4. Import License
Another import restriction measure is for a country to embark on a policy that will require special license or a green light to allow the importation of certain commodity. This will go a long way to restrict import
5. imports surveillance
This is a measure that tracks import levels to control the desired level of import in a country.
