ISO 9000 Is a Voluntary Generic Management Systems Standard

question 8

True/False

ISO 9000 is a voluntary generic management systems standard.

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Definitions:

Long-Term Assets

Assets that will not be converted into cash within one year.

Patents

Legal documents granted by governments giving inventors exclusive rights to their inventions, preventing others from making, using, or selling the invention without permission for a certain period.

Short-Term Assets

Assets that will be converted into cash within one year.

Prepaid Expenses

Payments made for goods or services to be received in the future, recognized as assets on a balance sheet until they are incurred as expenses.