In the Early 1920s,Ford Famously Promised Its Customers Any Colour

question 98

True/False

In the early 1920s,Ford famously promised its customers any colour vehicle they wanted,"as long as it was black." Ford's management assumed anyone buying a car would accept the colour black,so it made products affordable by offering only one variety in large quantities.Ford is an example of a market-oriented firm.

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Definitions:

Year-End

The completion of an accounting period, typically a 12-month cycle, at which time a company prepares financial statements and closes its books.

Unearned Revenue

Unearned revenue refers to money received by a company for goods or services yet to be delivered or performed, hence recognized as a liability until the service is completed.

Financial Statements

Reports that summarize the financial activities and condition of a business or individual.

Liability

A financial obligation or amount owed by a company to creditors, employees, tax authorities, or other entities.