Certification of Suppliers Is Not Expensive or Time-Consuming

question 55

True/False

Certification of suppliers is not expensive or time-consuming.

---

Definitions:

Contra Account

An account used in accounting to offset or reduce the balance of a related principal account.

Prepaid Expenses

Costs paid in advance for goods or services to be received in the future, which are recorded as assets until they are consumed.

Accrued Expenses

Expenses that have been incurred but not yet paid for, often recognized in the accounting period they are incurred.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may or may not align with the calendar year.