Why Is the Process Industry Concerned with Quality

question 13

Multiple Choice

Why is the process industry concerned with quality?

• A) Customer retention will prove that products are of high quality
• B) Quality products and services are critical to the success of the organization
• C) It improves profitability of the organization
• D) It helps maintain or bolster the organization's reputation

Distinguish between the costs and benefits of different credit options.

Comprehend the significance of "float" periods in credit transactions.

Evaluate the implications of skipping payments and the costs involved in filing for bankruptcy.

Analyze the effectiveness of federal laws in protecting consumer rights in credit and lending.

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Definitions:

Closing Entries

These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.

Permanent Accounts

These are balance sheet accounts whose balances are carried over to the next accounting period, such as assets, liabilities, and equity accounts.

Income Summary Account

A temporary account used in accounting to transfer the sums of revenues and expenses at the end of an accounting period.

Dividends Declared Account

An account used to record the amount of dividends that a company's board of directors has decided to distribute to its shareholders.