Marci Costas Is Majoring in Operations Management at Brunau University

question 253

True/False

Marci Costas is majoring in operations management at Brunau University. Unfortunately, the evolution of the U.S. from a manufacturing-oriented to a service-oriented economy means that Marci will probably find few job openings in her field of study.

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Definitions:

Transactions

Events that are recognized in the financial records, affecting the financial position and performance of a company.

Accrual Basis

An accounting method where transactions are recorded when they are earned or incurred, regardless of when cash is exchanged.

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid out.

Accounting

The systematic process of recording, measuring, and communicating financial information to help in decision-making.