After Determining That a Prospective Customer Is a Good Candidate

question 136

Multiple Choice

After determining that a prospective customer is a good candidate to actually make a purchase, the salesperson will want to gather as much information about the customer as possible. This step in the sales process is known as:

• A) presales research.
• B) prospecting.
• C) precall planning.
• D) qualifying.

Recognize and adjust entries for advanced payments and understand the concept of unearned revenue.

Identify different types of adjusting entries and their impact on financial statements.

Comprehend the consequences of failing to make necessary adjusting entries.

Distinguish between different types of revenues and how they are recognized.

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Definitions:

Adjusting Entries

Journal entries made in accounting to update record balances before preparing financial statements, ensuring accuracy of the accounting records.

Accounts

Records within accounting that track financial transactions categorized by type, such as assets, liabilities, equity, revenue, and expenses.

Independent Contractor

An individual or entity engaged in a work performance agreement who is not considered an employee and does not receive employee benefits or protections.

Invoice

A document issued by a seller to a buyer that specifies the products or services being sold, their quantity, and the price.