Modern Quality Management Requires Customer Satisfaction,prefers Prevention to Inspection,and Recognizes

question 73

True/False

Modern quality management requires customer satisfaction,prefers prevention to inspection,and recognizes management responsibility for quality.

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Definitions:

Closing Entry

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

Capital Balances

The amounts of money that the owners of a company have contributed to it or have accumulated over time.

Unlimited Liability

A legal structure in business where the owners are personally responsible for all the debts and liabilities of the business.

Mutual Agency

A principle in partnerships where each partner has the authority to bind the partnership to contracts within the scope of the business's operations.