A Group of Companies Offering Products or Services That Are

question 16

Multiple Choice

A group of companies offering products or services that are close substitutes for each other is referred to as a(n)

• A) strategic group.
• B) market segment.
• C) sector.
• D) supplier.
• E) industry.

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Definitions:

Journalize

The act of recording business transactions in the journal as part of the accounting process.

Merchandise Sold

Products that have been sold by a company, typically referring to goods rather than services.

Sales On Account

Transactions where goods or services are sold and delivered, but payment is agreed to be made at a later date.

Internal Controls

Processes and procedures implemented by a business to safeguard its assets, enhance the reliability of its accounting records, ensure compliance with laws, and promote efficient operations.