Firms Need to Satisfy Consumer Expectations by Creating Reasonable Expectations

question 4

True/False

Firms need to satisfy consumer expectations by creating reasonable expectations through promotional efforts and maintaining consistent quality so those expectations are fulfilled.

---

Definitions:

Adjusting Entry

An accounting entry made in the general ledger at the end of an accounting period to update accounts so they reflect the accrual basis of accounting.

Services Performed

The execution of tasks or provision of work done for clients or customers as part of business operations.

Supplies Expense

Costs recorded as an expense when supplies are used up in the normal course of doing business, not when they are purchased.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the capital belonging to the owners.