If Services Are Rendered for Credit Then

question 149

Multiple Choice

If services are rendered for credit then

• A) assets will decrease.
• B) liabilities will increase.
• C) owner's equity will increase.
• D) liabilities will decrease.

---

Definitions:

Design-Production Cycle

The interconnected stages involved in developing a product, from initial design through to final production and delivery to customers.

Inspect-It-In Approach

A traditional quality control approach where products are inspected after completion to ensure they meet the required standards, often considered less effective than preventive measures.

TQM

Total Quality Management, a comprehensive approach focused on continuous improvement in all aspects of an organization to enhance quality and performance.

Fix-It Approach

A reactive strategy aiming to address and solve problems or issues as they arise, rather than preventing them proactively.