_____ Utility Is Created When the Business Firm Converts Raw

question 95

Multiple Choice

_____ utility is created when the business firm converts raw materials into finished goods and services.

• A)Form
• B)Ownership
• C)Exchange
• D)Place

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Definitions:

Consolidation

The process of combining financial statements of separate subsidiaries, divisions or entities within an organization into a single, comprehensive financial statement.

Buildings Account

An account in the financial statements that represents the value of a company's buildings as assets.

Unamortized Patent

The cost of a patent that has not yet been gradually written off as an expense over its useful life.

Adjustment Necessary

A modification or change required to correct or update financial records and statements to accurately reflect the financial status of an entity.