A Normal or Ordinary Competitive Factor Is Some Kind of Standard

question 27

True/False

A normal or ordinary competitive factor is some kind of standard practice in the industry, and it is necessary for the business to succeed.

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Definitions:

Cost Of Raw Materials Used

The total expense incurred by a company for the raw materials that were consumed in the production process during a specific period.

Permanent/Temporary

Categories of accounts in accounting where permanent accounts are those that carry over balances into the next fiscal year, and temporary accounts are closed at the end of each fiscal year.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, typically including the balance sheet, income statement, and cash flow statement.

Normal Balance

The side of an account (debit or credit) where increases to the account are recorded.