The Formal Recognition of a Person as a Professional with Technical

question 12

Multiple Choice

The formal recognition of a person as a professional with technical competence or of an agency that has met minimum standards of a performance is called:

• A) Certification
• B) Accreditation
• C) Registration
• D) Credentialing

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Definitions:

Debit Memo

A document issued to record a reduction in the balance due from a customer, often due to a return or correction.

Gross Profit

The difference between revenue and the cost of goods sold before expenses.

Single-Step Income Statement

An income statement format that calculates net income using a single subtraction of total expenses from total revenue.

Fiscal Year

A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily coincide with the calendar year.