TRUE OR FALSE (15 items only)
Read and analyse each statement carefully. Write TRUE if the statement is correct and FALSE if the statement is wrong.
1. Validating the service description of the product with potential customers helps to determine its market acceptability.
2.The brief explanation of the transaction is entered on the next line slightly indented from the credit account.
3.The factors involved in the input and the production process are usually referred to as the four Ms of production
4.A heterogeneous product has a physical appearance, taste or chemical content that can be distinguished from others.
5.The most critical factors in the whole production system are the inputs and the transformation process.
6.Product description can make
or break your business, so it is important to address the target buyer directly and
personally
7. Choosing the right supplier involves no more scanning a series of price lists
8.The purpose of revenue forecasting is to provide information that you can use to make intelligent business decisions.
9.Ledger is a book of original entry.
10. Keeping records of the business will not measure the profit and performance of the company.
11. One of the reasons of keeping business records is to track the outflow and inflow of the money in the business.
12. By keeping the business records, you will know the exact amount of taxes that the company has to be paid.
13. No business can survive without making records of its activities.
14. Record keeping is one of the most important tasks for small and big business owners
15. Journal is a book of final entry.​