What Changes in the Marketplace and in Technology Have Spurred

question 16

Essay

What changes in the marketplace and in technology have spurred the movement toward TQM-like architecture changes in modern corporations?

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Definitions:

Contra-Revenue Account

An account that is deducted from gross revenue to determine net revenue, such as sales returns, allowances, and discounts.

Income Statement

A financial statement that shows a company's financial performance, including revenues, expenses, and profits over a specific period.

Current Liability

Obligations or debts that a company must pay within a year from the date of the balance sheet.

Balance Sheet

A balance sheet is a financial statement that provides a snapshot of a company's financial position, showing assets, liabilities, and equity at a specific point in time.