Of the Consumer Options for Dealing with Product or Service

question 75

Multiple Choice

Of the consumer options for dealing with product or service dissatisfaction, which is the only one that is desirable to the business?

• A) publicly obtain legal action against the business
• B) stop buying the product or service
• C) take no action
• D) privately complain to the business

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Definitions:

Accounts Payable

Accounts payable is a liability account that records amounts a company owes to suppliers or creditors for goods and services received but not yet paid for.

Utilities Expense

The cost incurred from the consumption of utility services such as electricity, water, and gas in the business operations.

Income Summary Account

An account used in closing entries to gather all income and expense items, facilitating the transfer of their net balance to retained earnings.

Expense Accounts

Accounts used to record the costs incurred to operate a business, which are then matched against revenues to determine net income.