Quality Training Is Especially Important in Production-Focused Businesses

question 37

True/False

Quality training is especially important in production-focused businesses.

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Definitions:

Net Income

Represents the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.

Adjusting Entries

Adjusting Entries are journal entries made in accounting records at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.

Real Account

An accounting record that represents assets, liabilities, and owner’s equity, and is not closed at the end of the accounting period but carried over to the next.

Nominal Account

An account related to income, expenses, losses, or gains—these accounts are closed out to the capital account at the end of an accounting period.