Letters of Intent Are

question 2

Multiple Choice

Letters of intent are:

• A) The same as contracts
• B) Pre-negotiations guides
• C) A form of pre-contracting
• D) Blanket orders
• E) Used in dispute resolution

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Definitions:

Inventory

Raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Sales Journal

A dedicated financial ledger designed for documenting all credit sales transactions.

Posting

The act of recording financial transactions in the ledger of an accounting system.

Account Numbers

are unique identifiers assigned to specific accounts in an accounting system to track financial transactions.