Legally,any Statement,promise,or Action by a Salesperson Is

question 48

Multiple Choice

Legally,any statement,promise,or action by a salesperson is:

• A)Puffery.
• B)A legal commitment.
• C)Subject to negotiation.
• D)All of the choices are correct.

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Definitions:

Journalize

The process of recording transactions in a journal, marking the first step in the accounting cycle.

Post-Closing Trial Balance

Prepared as an additional step in the accounting cycle to check that debits equal credits and all temporary accounts have been closed (have zero balances).

Insurance Policy

A contract between an insurer and a policyholder that specifies the terms and conditions under which the insurer will compensate the policyholder for loss.

Adjusting Entries

At the close of an accounting period, journal entries are made to apportion income and spending to the timeframe in which they legitimately took place.