Service Industries Are Often Quick to Respond to Changing Customer

question 46

True/False

Service industries are often quick to respond to changing customer tastes and preferences.

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Definitions:

Accrued Revenues

Income earned but not yet received or recorded at the end of an accounting period, reflecting revenues for services performed or goods sold but not yet billed.

Asset Accounts

Accounts that record the value of everything a company owns and uses to generate revenue.

Liability Accounts

Accounts on a company's balance sheet that represent what it owes to others, such as loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

Trial Balance

A financial report that lists all the active accounts and their balances at a certain point in time, used to verify the equality of debits and credits in the accounting system.