Because Internationally Recognized Certifications Like ISO 9000 Are Becoming So

question 16

True/False

Because internationally recognized certifications like ISO 9000 are becoming so common among suppliers,it is becoming more important that purchasing firms develop internal certification programs that are geared toward the specific needs of the purchasing organization.

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Definitions:

Net Income

Represents the total earnings of a company after all expenses and taxes have been deducted from revenue.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.

Credit Column

In accounting, the column in ledgers or financial statements where credits are recorded, typically indicating a decrease in assets or an increase in liabilities.

Liabilities

Financial obligations or debts a company owes to others, such as loans, accounts payable, and mortgages.