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Which of the following must be present for an offer to have a legal effect?
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously.
Adjusted Trial Balance
A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary accounts to permanent ones, preparing the company's books for the next period.
Fabricated Products Company
A business that specializes in manufacturing and selling products made from raw materials through various processes.
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