How Well a Good or Service Meets or Exceeds Customers

question 125

Multiple Choice

How well a good or service meets or exceeds customers' expectations or the degree to which a product conforms to established tolerance standards is known as

• A) Quantity produced
• B) Quality
• C) Surpassing customer expectations
• D) Total quality management

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Definitions:

Ending Inventory

The final amount of goods available for sale at the end of an accounting period.

Perpetual System

An inventory system that continually updates inventory records and cost of goods sold after each purchase or sale.

Cost of Goods Sold

Refers to the specific expenses directly linked to the creation of the products a company sells.

Perpetual LIFO

A method of inventory valuation where the last items added to inventory are considered the first items sold, continuously updated in real-time.