Performing Lengthy Inspections of Suppliers That Involve Long-Term Visits and Evaluations

question 39

True/False

Performing lengthy inspections of suppliers that involve long-term visits and evaluations are called supplier certification programs.

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Definitions:

Credit Customer

A customer who purchases goods or services on credit, agreeing to pay at a later specified date.

Expense

Money spent or cost incurred in an entity's efforts to generate revenue.

Asset

Resources owned by a business or individual that have economic value or future benefit.

Liability Account

A liability account records the obligations or debts a company owes to others, such as loans, accounts payable, and mortgages.