When a Firm Has a Particular Profit Goal as Its

question 118

True/False

When a firm has a particular profit goal as its overriding concern, it will use target return pricing to meet the profit objective.

---

Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded before summarizing them into accounts.

General Journal

A basic accounting ledger used to record all the financial transactions of a business.

General Ledger

A complete record of a company's financial transactions over the lifespan of the organization, serving as the foundation of its financial reporting.

Expenses Account

An accounting ledger that reflects the costs incurred by a business in the process of earning revenue.