Internal Transactions Are Events That Affect the Financial Position of the Company

question 121

True/False

Internal transactions are events that affect the financial position of the company but do not include an exchange with a separate economic entity.Examples are using supplies on hand and earning revenues after having received cash in advance from a customer.

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Definitions:

B2C Sales

Direct transactions between a business and the end consumers of its products or services.

Customer Relationship Management (CRM)

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.

Straight Rebuy

A purchasing situation in which a buyer reorders a product or service without modifications or shopping around.

Buying Center

A group within an organization responsible for evaluating and making purchasing decisions.