Many Services Base Their Success on Building a Group of Satisfied

question 184

Multiple Choice

Many services base their success on building a group of satisfied customers who use their services on a regular basis over long periods of time. This critical component of success is referred to as

• A) partnerships.
• B) repeated customer contact.
• C) inseparable clientele.
• D) long-term customers.
• E) client-based relationships.

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Definitions:

Contra-Asset

An account that reduces the value of an asset account with which it is paired, used to account for allowances, depreciations, or impairments.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset over its useful life to date.

Contra-Asset

An account that decreases the balance of its associated asset account through a contra entry.

Supplies

Consumable items used in day-to-day operations of a business or office, such as stationery, paper, and cleaning products.