To Make Sure That Its Customers Are Satisfied and to Probe

question 18

Multiple Choice

To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called ________.

• A) brainstorming
• B) day-in-the-life research
• C) focus group
• D) survey
• E) customer advisory board

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Definitions:

Revenue Recognition

The accounting principle that outlines the specific conditions under which revenue is recognized and recorded in financial statements.

Generally Accepted Accounting Principles

A broad set of accounting standards, principles, and procedures that entities follow to compile their financial statements, ensuring consistency and comparability.

Substantially Completes Performance

This term refers to a situation in which a party has completed a major portion of its obligations under a contract, meeting a threshold that often allows for recognition of revenue or fulfillment obligations.

Earned

Describes income that has been generated from work, investment, or business operations and has thus contributed to net income.