The Period of American Business History When Firms Could Produce

question 193

Multiple Choice

The period of American business history when firms could produce more goods than they could sell and the focus was on hiring more salespeople to seek out new customers is referred to as the ________ era.

• A) sales
• B) marketing concept
• C) production
• D) goods
• E) market orientation

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Definitions:

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.