Horizon Inc

question 71

Multiple Choice

Horizon Inc., an automobile designer and developer, conducted a survey to understand customer requirements. With the help of the survey data, the company has manufactured cars that suit the needs of its customers. Its newly designed cars are integrated with an advanced technology that lets customers choose the color of the interiors. The company has also designed touchscreens to control the navigation and climate in the cars. Which of the following concepts has Horizon Inc. employed?

• A)Green marketing
• B)Place marketing
• C)Mass customization
• D)Form utility

Recognize exceptions to general contract principles such as the preexisting duty rule and their application in specific contexts.

Understand the concepts of liquidated and unliquidated debts.

Comprehend the principles of accord and satisfaction and its enforceability.

Identify sufficient consideration in contractual agreements.

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Definitions:

Depreciation

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life, reflecting the reduction of value over time.

Non-Current Asset

An asset expected to provide economic benefits beyond one year, such as property, plant, and equipment.

Useful Life

The estimated duration a fixed asset is expected to be productive and functional for a company, impacting depreciation calculations.

Adjusting Entry

A record created at the conclusion of a financial period to distribute revenues and expenses to the timeframe they were truly incurred.