When a Potential Buyer Makes an Offer to Purchase,he or She

question 42

Multiple Choice

When a potential buyer makes an offer to purchase,he or she places a deposit on the home.This is known as

• A)an advance payment.
• B)earnest money.
• C)closing costs.
• D)buyer's insurance.

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Definitions:

Collections From Customers

The process of receiving payments from customers for goods or services provided or sold.

Control Accounts

General ledger accounts that summarize and control the total of individual accounts found in subsidiary ledgers.

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, containing all the financial accounts and transaction data.

Postings Frequency

The rate or regularity at which financial transactions are recorded and posted in accounting systems or ledgers.