The Letter of Transmittal

question 90

Multiple Choice

The letter of transmittal

• A)may follow the direct or indirect plan.
• B)has a more formal style than the report itself.
• C)is usually included as an appendix.
• D)should be written in an informal tone.
• E)is never written as a memo.

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Definitions:

Accounts Receivable

Funds that clients owe to a company for products or services delivered on credit.

Gross Profit

The financial metric resulting from subtracting the cost of goods sold from net sales revenue.

Operating Expenses

Operating expenses are costs associated with the day-to-day functions of a business, excluding direct production costs but including things like rent, utilities, and staff wages.

Sales Revenue

The total amount of money generated from selling goods or services before any expenses are deducted.