Examlex
One work in process account is used in a process cost system.
Auction Without Reserve
An auction at which the auctioneer cannot withdraw goods unless no bid is made within a reasonable time.
Auctioneer
A person who conducts sales at auctions by accepting bids and declaring goods sold.
Highest Bid
The highest price offered by a bidder at an auction or in a competitive bidding process.
Firm Offer
A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.
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