The Matching Principle Calls for the Accountant of a Firm

question 65

Multiple Choice

The matching principle calls for the accountant of a firm to:

• A) identify an asset with each liability of the firm.
• B) associate the revenue generated from a sale to the costs or expenses incurred to generate the revenue.
• C) match each item of inventory with the historical cost at which it was acquired.
• D) None of the above.

Acknowledge the sources and methods of developing a competitive advantage in business.

Understand the impact of customer service and quality products on competitive advantage.

Learn about the different types of competitive advantages and methods to achieve them.

Recognize the importance and characteristics of different business startup options.

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Definitions:

Distribution

The process of making goods or services available to consumers through various channels.

Downstream Activity

Processes in the supply chain that occur after the production phase, such as distribution, marketing, and sales to the end consumer.

SCM

Supply Chain Management, the handling of the entire production flow of a good or service — from the raw components all the way to delivering the final product to the consumer.

Customer Demand

The desire of purchasers, consumers, clients, or end-users to buy goods or services in a given timeframe at a specific price.