If goods are sold on open account, the customer is asked to sign an IOU.

Name: If goods are sold on open account, the customer is asked to sign an IOU.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If goods are sold on open account, it means that the customer is allowed to purchase the goods on credit without requiring payment upfront. However, an IOU (I Owe You) is not typically used in this process. Instead, the seller will keep track of the customer's outstanding balance and send them an invoice to be paid at a later date.

If Goods Are Sold on Open Account, the Customer Is