A(n)________ Is a Privately Owned Organization That Serves Its Customers

question 310

Multiple Choice

A(n) ________ is a privately owned organization that serves its customers to earn a profit so that it can survive.

• A)agency
• B)for-profit organization
• C)institution
• D)nonprofit organization
• E)cooperative

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Definitions:

Quantity Received

The total number of units of a product or goods received from a supplier.

Supplies

Materials and items used in the day-to-day operations of a business, which may be considered either current assets or expenses.

Contra-Asset

An account that is used to reduce the balance of a related asset account, with the most common example being accumulated depreciation.

Contra-Revenue

An account deducted from gross revenue or sales, which includes returns, allowances, and discounts, ultimately affecting the net revenue reported.