Foreign Competition,poor Financial Performance,and More Demanding Customers Have Encouraged Businesses

question 163

True/False

Foreign competition,poor financial performance,and more demanding customers have encouraged businesses to place more emphasis on quality.

---

Definitions:

Normal Balance

Refers to the debit or credit balance that is expected on a specific type of account based on its accounting rule.

Contra Asset

An asset account where the account balance is a negative amount that reduces the total value of assets on the balance sheet.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded, representing liabilities for a business.

Liabilities

Liabilities represent financial obligations or debts that a company owes to external parties, such as loans and accounts payable.