Stores That Remain Open 24 Hours, Seven Days a Week

question 118

Multiple Choice

Stores that remain open 24 hours, seven days a week are providing ________ utility to their customers.

• A) possession
• B) time
• C) service
• D) schedule

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Definitions:

Liabilities

Financial obligations or debts owed by a company to creditors.

Internal Control

Processes and procedures implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote compliance with laws and regulations.

Voucher System

A control mechanism in accounting that uses vouchers to record and authorize transactions prior to their occurrence.

Gross Method

An accounting method for recording purchases at the gross invoice amount before deducting any cash discounts.