Examlex
ABC produces ping-pong balls using a three-step process that includes molding, colouring and finishing. Which of the following accounts is debited when material is purchased?
Counteroffer
A counteroffer is a response to an original offer, modifying some of its terms and thereby rejecting the original offer.
Acceptance
An agreement by one party to the terms of the offer made by another.
Revocation
The action of rescinding or recalling a decision, law, license, or agreement, making it no longer valid.
Tendered Bid
A formal offer submitted in response to an invitation to bid for a project, often including price and terms of service.
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