A Prototype Is a

question 15

Multiple Choice

A prototype is a

• A) miniature version of an actual new product used in concept testing to identify any changes that need to be made prior to its commercialization.
• B) full-scale operating model of the product or service under development.
• C) sample of a new product given to prospective customers and opinion leaders used to generate awareness prior to the product's commercial release.
• D) simulated operating model of the product given to consumers to use in full-scale field testing.
• E) digital version of a product produced in multiple shapes, colors, and sizes to determine which version of the product customers like best.

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Definitions:

Reconciling Items

Entries that adjust discrepancies between two financial records or accounts, ensuring consistency and accuracy.

Adjusting Journal Entries

Adjusting Journal Entries are made in an accounting system to adjust income and expense accounts so that they reflect the correct values for the accounting period.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement.

Cancelled Cheques

Cheques that have been processed by the bank, serving as proof that a payment was made.