SHORT TERM ASSET Definition

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SHORT TERM ASSET is an asset expected to be converted into cash within the normal operating cycle (usually one year), e.g. accounts receivable and inventory.

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CONSULAR DECLARATION is a formal statement to the consul of a foreign country declaring the merchandise to be shipped.

GENERAL AVERAGE is the provision in maritime law where all shippers on a given voyage would reimburse the ship line in the event of vessel sinking or catastrophic damage. It also provides for the reimbursement to those shippers whose cargo was thrown overboard in order to save the vessel.

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