Since the Issues in Many Transactions Are Similar,brokers Often Use

question 11

Multiple Choice

Since the issues in many transactions are similar,brokers often use standard preprinted contract forms.Generally,the best standard form contracts are those prepared and approved by which of the following parties?

• A)Buyer
• B)Seller
• C)Local Board of Realtors
• D)Broker

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Definitions:

Control Accounts

Accounts used in the general ledger to summarize the detail contained in a subsidiary ledger, helping to simplify and organize financial information.

Factory Labor

The workforce engaged in operating machinery and performing tasks involved in the manufacturing process.

Factory Wages Payable

Liabilities accounts that represent amounts owed to factory workers for wages earned but not yet paid.

Subsidiary Ledger

A Subsidiary Ledger is a ledger containing all details of transactions for a specific account, which then summarizes into a single line in the General Ledger.