Bank Clerk Questions

For participating countries NAFTA called for the gradual removal of trade restrictions.

NAFTA is The North American Free Trade Agreement is a treaty signed by Canada, Mexico, and the United States, creating a trilateral trade by removing restrictions on trade in North America. It came into effect on Jan 1st 1994.

Accounts-receivable financing is a type of asset-financing arrangement in which a company uses its receivables — outstanding invoices or money owed by customers — to receive financing.

when a business sells its AR (accounts receivable) to a factoring company and receives short-term business funding in return, this is what called as Accounts Receivable Financing.

How it works ::

Business-to-business sales are often offered with payment terms of 30, 60 or 90 days.

The buyer receives the product, but doesn't submit payment until the mutually agreed-upon date.

The seller records the sale as revenues and increases the accounts receivable by the amount of the sale.

When the payment arrives, the seller decreases the accounts receivable and increases cash.

Accounts receivable financing allows the seller to get the cash immediately by selling the receivable to a third party. This is called factoring.

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

Hagia Sophia is the former Greek Orthodox Christian patriarchal cathedral, later an Ottoman imperial mosque and now a museum in Istanbul, Turkey.

It was built in 537 AD at the beginning of the Middle Ages, it was famous in particular for its massive dome. It was the world's largest building and an engineering marvel of its time.

The dome of the Hagia Sophia is supported by the four pendentives of the square corners.

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

In revolt against defence, U.S joined World War-1 on April 6, 1917.