During World War II, Many New Scientific and Quantitative Techniques

question 89

True/False

During World War II, many new scientific and quantitative techniques were developed to assist the military, and these developments were so successful that many companies started using similar techniques in managerial decision making and planning after the war.

---

Definitions:

Net Income

The total profit of a company after subtracting all costs and expenses from total revenues.

Insurance Policy

A contract between an individual or entity and an insurance company, outlining the terms for the insurer to compensate the insured for specific losses in exchange for premiums paid.

Journal Entries

The method by which transactions are entered into an entity's accounting records, showing the financial effects of transactions in a double-entry bookkeeping system.

Adjusted Trial Balance

An inventory of every account, including updated balances following the posting of adjusting entries, that serves as the basis for generating financial statements.