What Are the Two Ways That a Company Can Obtain

question 23

Multiple Choice

What are the two ways that a company can obtain new products?

• A)line extension and brand management
• B)internal development and merger
• C)new-product development and acquisition
• D)service development and product extension
• E)market mix modification and research and development

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Definitions:

Overstate Liabilities

Refers to the act of reporting liabilities on the financial statements at amounts higher than what is true or accurate.

Internal Controls

Mechanisms, policies, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Safeguarding Assets

Refers to the actions and policies put in place by an organization to protect its assets from theft, damage, or misuse.

Voucher System

A method of accounting in which documents are used to authorize and record transactions.