Adopting the Marketing Concept Requires That a Business Firm Eliminate

question 260

True/False

Adopting the marketing concept requires that a business firm eliminate all functional departments.

---

Definitions:

Accounts Receivable Journal

A ledger used to record sales transactions where payment is to be received in the future, detailing each customer’s purchase on credit.

Purchases Journal

A specialized accounting journal used to record the purchasing of goods and services on credit.

Promissory Note

A financial instrument in which the writer promises in writing to pay a determinate sum of money to the payee under specific terms.

Revenue Journal

A specialized accounting journal used to record all incoming revenues and sales transactions of a company.