Trey Sells Consumer Electronics

question 124

Multiple Choice

Trey sells consumer electronics.He knows his customers weigh the costs versus the benefits associated with the different options available.He decides which products to offer and what prices to charge based on the way his customers think.Trey operates in the _________ marketing era.

• A)production
• B)sales
• C)marketing
• D)value-based
• E)retailing

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.

Unadjusted Trial Balance

A preliminary list of all accounts and their balances before any adjusting entries are made, used to verify the equality of debits and credits.

Closing Entry

A closing entry is an accounting action that transfers the balances of temporary accounts to permanent accounts, thereby resetting the temporary accounts to zero for the start of the next accounting period.

Expense Accounts

Accounts that track the costs incurred by a business in its operational activities, which are then used to calculate net income by subtracting them from revenues.