_______________ Are the Costs in Time, Money, Effort, and Inconvenience

question 120

Short Answer

_______________ are the costs in time, money, effort, and inconvenience that it would take a customer or supplier to move its business to a firm's competitors.

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Definitions:

Accrued Items

Expenses or revenues that have been incurred or earned but have not yet been recorded or paid.

Time Period Assumption

An accounting principle that assumes a business's complex financial activities can be divided into shorter, discrete time periods, such as months, quarters, or years.

Specific Time Periods

Specific time periods refer to distinct, defined durations used for financial reporting, planning, and analysis, such as quarters or fiscal years.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.