Form Utility Refers to ________

question 37

Multiple Choice

Form utility refers to ________.

• A) a product produced from raw materials that pleases the customer
• B) stocking and displaying products
• C) the means of ordering products
• D) the benefits of practicality when a product can be used with no assembly required
• E) the interesting features of a particular brand's product

---

Definitions:

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.