Community Q&A Sites Are More Trouble Than They're Worth Because

question 44

True/False

Community Q&A sites are more trouble than they're worth because since anyone can answer questions posted by other visitors the entire site can quickly spiral out of control.

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Definitions:

Sales Discounts

Reductions in the amount charged to customers as an incentive for early payment, recorded as a deduction from gross sales to calculate net sales.

Pay Accounts Promptly

The practice of settling owed amounts to suppliers or creditors within the agreed payment terms to avoid late fees and maintain good business relationships.

Merchandising Company

A business that purchases finished goods for resale, making profit primarily through the markup of these goods.

Income Summary Account

An account used temporarily during the closing process to summarize a period's revenues and expenses before determining net income.