Unless a Product or Service Is Purchased from a Company

question 84

True/False

Unless a product or service is purchased from a company that is registered to the appropriate ISO 9000 standard, a buyer cannot be assured that the quality of what was received will be what was expected.

---

Definitions:

Credits

Entries in accounting that represent the transfer of value and can decrease assets or increase liabilities and equity.

Account Balance

The amount of money in a financial repository at any given time, which can be a positive or negative value.

Chart of Accounts

An organized list of all the financial accounts in a company's accounting system.

Cash Account

An account that records all transactions involving cash inflows and outflows, including receipts, disbursements, and balances.