The Only Kind of Utility Created by Production Is Time

question 120

True/False

The only kind of utility created by production is time utility, because the producer makes that product available to the customer at the time it is needed.

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Definitions:

Packing Supplies

Materials used for wrapping or protecting goods during shipment or storage, recognized as part of inventory costs in business accounting.

Journal Entries

The recordation of financial transactions in a company’s accounting system that involves at least one debit and one credit entry.

Net Profit Margin

A financial ratio that shows the percentage of profit a company generates from its revenues.

Operating Income

Earnings before interest and taxes, representing the profit generated from a company's core business operations.