Nordstrom, an Upscale Department Store, Has a Well-Known Reputation for Going

question 101

Multiple Choice

Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in

• A)product design excellence.
• B)mission statement satisfaction.
• C)sustainable price decreases.
• D)a sustainable competitive advantage.
• E)producer excellence.

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Definitions:

Post-closing Trial Balance

A list of all accounts and their balances after the closing entries are made, used to check the accuracy of closing entries and prepare for the next accounting period.

Retained Earnings

The cumulative amount of net income earned by a company that is retained and not distributed to shareholders as dividends.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Net Income

The remaining earnings of a corporation after deducting all operating costs and tax obligations from its revenue.