Standardization Refers to the Extent to Which There Is Absence

question 69

True/False

Standardization refers to the extent to which there is absence of variety in a product, service, or process.

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Definitions:

Assets

Economic resources controlled or owned by a business or individual, which have future economic value.

Service Revenue

Service Revenue is the income a company earns from providing services as opposed to selling physical products.

Accounts Receivable

Outstanding payments from customers to a firm for goods or services that have already been delivered or utilized but remain unpaid.

Journal Entry

A record in accounting that notes every financial transaction in the books via debits and credits.