Services Are Perishable and Markets for Most Services Fluctuate Either

question 68

Multiple Choice

Services are perishable and markets for most services fluctuate either by season, days, or time of day. All of the following represent business that are lost forever due to the perishable nature of services, except

• A) unused telephone capacity and electrical power.
• B) vacant seats on planes, trains, buses, and in stadiums.
• C) time spent by catalog service representatives waiting for customers to reach them.
• D) unsold winter apparel on a given day.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of a business.

Classified Balance Sheet

A financial statement that organizes assets, liabilities, and equity into categorized sections for clarity and understanding of a company's financial position.

Classification Scheme

entails organizing data, concepts, or entities into categories or classes that share common traits or characteristics.

Balance Sheet

A financial statement that shows the assets, liabilities, and shareholders' equity of a company at a specific point in time.