When a business is managed and owned by a group of individuals sharing in making the decisions and taking the risks, the business entity is considered to be a Partnership.
What is Partnership?A partnership is an agreement in which two or more people, known as business partners, agree to work together to further their shared interests. Individuals, businesses, interest-based organisations, schools, governments, or combinations can form partnerships.
A partnership is a single business owned by two or more people. Each partner contributes to every facet of the firm, whether it's money, property, work, or expertise. In exchange, each partner shares in the company's gains and losses.
The goal of a partnership agreement (or partnership contract) is to create a legally enforceable contract between two or more individuals or other legal entities in order to establish a business entity. This partnership agreement specifies each partner's or entity's rights and duties.
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When a bank wishes to build a long-term relationship with a borrower, it may offer:_____.
When a bank wishes to build a long-term relationship with a borrower, it may offer Loan.
In a loan, a certain quantity of money is given to another person in exchange for the value or main amount being repaid at a later date. In many circumstances, the lender increases the principal value by adding interest or finance charges, which the borrower must pay in addition to the principal sum.
Loans may be made for a predetermined, one-time sum or as an open-ended line of credit with a cap up to a certain amount. In addition to secured and unsecured loans, there are also commercial and personal lending options.
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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. receive payment of $12,000 owed by a customer.
2. buy $15,000 worth of manufacturing supplies on credit.
3. purchase equipment for $44,000 in cash.
4. issue $80,000 in stock.
what is the net change in total equity?
Net change in assets = 15,000+ 75,000
= $90,000
1-Receive payment of $12,000 owed by a customerNo effect on assetNo effect on liabilityNo effect on equity2-Buy $15,000 worth of manufacturing supplies on creditAssets increase by $15,000Liabilities increase by $15,000No effect on equity3-. Purchase equipment for $44,000 in cashNo effect on assetNo effect on liabilityNo effect on equity 4-Issue $75,000 in stockAssets increase by $75,000No effect on liabilityEquity increases by $75,000To learn more about assets visit the link-
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Jones company paid monthly rent of $2,000. which special journal should this transaction be recorded in? what columns will be used?
Cash Payments Journal - debit Rent Expenses and credit Cash will be used.
Cash Credit (CC) is a short-term source of funding for your business. In other words, cash advances are short-term loans offered by banks to businesses. It allows businesses to withdraw money from bank accounts without holding balances. Accounts are limited to borrowing only up to the borrowing limit.
Cash Credits are short-term loans approved by banks to meet the working capital needs of businesses, financial institutions and businesses. Borrowing companies can also borrow money without credit, up to existing credit limits.
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When a company receives cash in advance from customers for services to be performed in the future, the transaction affects the ______ account.
When a company receives cash in advance from customer for services to be performed in future , the transaction affects the liability account.
Advance from customer is a liability account , in which is stored all payments from customers for goods or services that have not yet been delivered.
What is liability account?
Liability accounts are categories within the business's books that show how much it owes, A debit to a liability account means the business doesn't owe so much i.e reduced liability , and a credit to a liability account means the business owes more i.e, increases the liability.
Liability account appears on the business's balance sheet.
Records of advance payment accounting
whenever an advance payment is made , the accounting entry is expressed as a debit to the assets cash for the amount received . A credit also needs to be made to the liability account-something along the lines of Advance Payments ,Unearned revenue,or Customer Advances.
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Students working at a job more than _____ hours per week are more likely to report academic difficulties.
Students working 10 hours at a job more than per week are more likely to report academic difficulties.
The academic overall performance (extra hours studied and higher grades) of college students who worked 10–19 hours in keeping with week changed into superior to all different students, operating and non-running
Some of the poor effects are better threat of losing out, not on time commencement prices, and bad effects on academic overall performance. He located that complete-time workers have a tendency to have less time for instructional research and school activities.
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A company had net sales of $30,800 and ending accounts receivable of $3,400 for the current period. its days' sales uncollected equals: (use 365 days a year. )
Days of sales outstanding = 40.29 days
365 x Account receivable/Net sales
= 365 × 3400/30800 = 40.29 days
Net sales is the sum of a company's gross sales minus returns, rebates, and rebates. Calculating net sales is not always transparent to the outside world.
Gross sales do not include deductions, but net sales include all expenses incurred during the sales process.
In business and accounting, net income is a company's income less the cost of sales, expenses, depreciation, interest, and taxes for the accounting period.
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Employers with a strong evp are ________ x as likely to report on achieving financial performance significantly above their competitors.
Employers with a strong EVP are not 5 x as likely to report on achieving financial performance significantly above their competitors.
Financial performance is a gauge of how effectively a company can utilise resources from its main line of business and generate income. The phrase is also used as a broad indicator of a company's long-term financial stability. Financial statements are official records of a person, business, or other entity's financial situation and actions. An easy-to-understand format is used to provide pertinent financial data in a systematic manner.
According to the research, various criteria like liquidity, ownership, age, and size have an impact on financial success . In addition, additional elements including leverage, productivity, solvency, and asset turnover may have an impact on financial performance and may vary in a crisis.
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According to your text, sales promotions such as free samples and point-of-purchase displays are designed to build.
According to your text, sales promotions such as free samples and point-of-purchase displays are designed to build. are called "Short-Term sales."
What is short term sales?An property or stock that the seller doesn't own is sold in a short sale. The typical transaction involves an investor selling borrowed securities in expectation of a decrease in price; the seller is then obligated to deliver the same number of shares at a later date. A seller, on the other hand, holds a long position in the stock or asset.
Some characteristics of short term sales are-
A stock that its an investor believes will lose value in the near future is sold short.A trader borrows shares on margin for a set length of time to complete a short sale, selling the stock when the price is attained or the period of time has passed.Because short sells restrict gains while amplifying losses, they are regarded as dangerous trading techniques.Additionally, they come with regulatory hazards.To be successful, short sales need to be timed almost perfectly.To know more about short-term investment, here
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Von told the sales rep he wasn't buying his product because it cost too much. in terms of the personal selling process this is called a(n):__________
The sales rep he wasn't buying his product because it cost too much. in terms of the personal selling process this is called a reservation.
The sale force and sell the products and services by using meeting the consumer face – to – face. The salesmen aim to tell and encourage the consumer to buy, or at the least attempt the product.
.
Non-public selling is the handiest marketing communication device as it permits salespeople to adapt their presentation to every capability or modern-day customer.
They use their understanding of the customer's shopping for methods to choose powerful sales techniques. approach or income presentation, therefore. considering its miles an interactive form of promoting, it enables construct accept as true by the consumer.
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A certain state requires employers to purchase worker's compensation insurance from a state fund. This is an example of?
A certain state requires employers to purchase worker's compensation insurance from a state fund. This is an example of a monopolistic state. Monopolistic State Funds jurisdictions require employers to purchase workers' compensation insurance from a mandatory state fund or meet the requirements to function as self-insurers, which is permitted in two of the jurisdictions
What is an employee's compensation and state insurance fund?It was created to carry out the State's goal of promoting and developing a tax-exempt employee compensation program that would enable employees and their dependents to quickly receive enough income, medical care, and other relevant benefits in the case of a work-related disability or death. The ECIF is managed by the GSIS.
Understanding the coverage for workers' compensation in states with a closed market. Any state with specific laws mandating that workers' compensation insurance be offered only by the state's workers' compensation program is referred to as a "monopolistic state."
A monopolistic state fund is the only provider of workers' compensation insurance in the state, as opposed to a competitive fund. Since private insurance is not allowed, it has no rivals.
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Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $369,100 Number of purchase orders Scheduling 209,600 Number of production orders Materials handling 494,900 Number of moves Product development 742,800 Number of engineering changes Production 1,503,700 Machine hours Number of Purchase Orders Number of Production Orders Number of Moves Number of Engineering Changes Machine Hours Number of Units Disk drives 3,910 300 1,260 11 1,600 2,300 Tape drives 2,300 195 790 8 8,600 4,000 Wire drives 12,000 870 3,800 24 12,000 2,600 The activity-based cost for each tape drive unit is a.$20.27 b.$740.63 c.$230.56 d.$216.02
The activity based cost that has been calculated for the tape drives is given as d.$216.02
What is the activity based cost?This is the type of costing system that has to do with the assigning of the direct costs as well as the indirect costs to certain products as well as services.
To get this we would have to use the formula
Cost per Unit = Activity Cost / Total of Activity Base
= 494900 / 2300
= .$216.02
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Amounts earned from delivering goods or services to customers are called?
Amounts earned from delivering goods or services to customers are called revenues.
Revenue in accounting refers to the entire amount of money made through the sale of products and services that are essential to the company's core operations. Sales or turnover are other terms used to describe commercial revenue. Some businesses make money from royalties, interest, or other fees.
The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue. The amount of income that is left over after deducting all costs, obligations, new sources of income, and operating costs is known as profit, which is also known as net profit or the bottom line.
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Microsoft products are subject to a support lifecycle policy. how many years of free, basic extended support does microsoft offer for operating systems?
For each version of its OS, Microsoft offers a minimum of 10 years of support (at least five years of Mainstream Support, followed by five years of Extended Support). Both types include security and program updates, self-help online topics and extra help you can pay for.
Microsoft Lifecycle provides consistent and predictable guidelines for support throughout the life of a product, helping customers manage their IT investments and environments while strategically planning for the future.
Microsoft Windows 7 has reached the End of Life on January 14, 2020. Microsoft offered Extended Support for three years which is set to expire on January 14, 2023, and will not longer be supported afterwards.
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What is not considered an advantage of using the retail method of inventory costing?
An inventory cost flow method must be used under both a perpetual and a periodic inventory system is not considered an advantage of using the retail method of inventory costing .
An advantage of retail inventory method
It does not require a physical inventory , the method only requires an organization to record the retail prices of inventory items . It allows the organization to create an inventory value report for budgeting or preparation of financial statements.
Retail inventory method
Provides an organization with a comprehensive account of available items and the monetary value of these inventory items . It evaluates the ending inventory or cost of goods sold for the organization . It requires organization to consider factors such as discounts, sales, markup, and loss of inventory .
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True or false: most managers believe that short-term returns are better predictors than long-run historical returns
Which institution helps to maintain availability of global financing to solve trade deficit issues?
International Monetary Fund helps to maintain the availability of global financing to solve trade deficit issues.
The International Monetary Fund (IMF): What Is It?The International Monetary Fund (IMF) is a global institution that fosters international trade, fights poverty, and works to increase financial stability and global economic progress.
The voting power in IMF decisions is significantly influenced by the quotas of member nations. Votes consist of basic votes + one vote for every 100,000 Special Drawing Rights (SDR) of quota. The IMF introduced SDRs, an international kind of reserve currency, to supplement member nations' existing cash reserves.
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Escalating fuel and escalating ______________ costs continue to have an impact on the trucking industry
Escalating fuel and escalating insurance costs continue to have an impact on the trucking industry.
Impacts of the raised costs:Carriers are forced to raise their pricing in order to cover rising fuel costs, or else they risk losing money. The whole business is impacted by the growing cost of gasoline since the shipper is required to pay more to carry goods if the freight carrier must pay more to do so.Additionally, if the shipper is paid extra for transportation, the recipient will also be charged more to cover the increased costs.Some businesses may start stocking up on more items as a result of the rising expense of transportation, which can cut down on the quantity of transportation required; henceforth, causing inflation for the public.To view numerical based question on the topic of expenditure, refer to:
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Before applying for a credit card, jacob examines his credit report. which explains why jacob might examine his credit report?
Before applying for a credit card, Jacob examines his credit report because to find out if he has a strong credit history.
Describe credit card.A credit card is a type of payment card that is given to customers (cardholders) to allow them to pay a merchant for products and services based on the amount of debt they have accumulated (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (often a bank or credit union) establishes a revolving account and provides the cardholder with a line of credit from which they can borrow money to pay for purchases or to get a cash advance.What do you mean by Credit History?It serves as a record of your credit activity, including whether you make payments on time, how many credit cards you have, the types of credit you use, and the total amount of debt you owe. When deciding whether to approve you for a loan or a credit card, lenders look at your credit history.Learn more about credit card here:
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Answer:
B) to determine if he has a history of good credit
Explanation:
At the beginning of 2006, the rate of energy consumption for the city of denver was 7000 megawatts. the rate was expected to increase at an annual growth rate of 2% per year. the function that gives the rate of energy consumption for all times after the beginning of 2006 is P(????) = 7000???? 0.0198???? .
$5000 energy was consumed during the year
What is energy ?Energy is a quantitative property that is transferred to a body or a physical system and is visible in the performance of work as well as in the appearance of heat and light. The law of conservation of energy holds that energy can be transformed in form but cannot be created or destroyed.
The joule is the unit of energy, the watt is the unit of power, and the second is the unit of time. We can compute the quantity of joules of electrical energy transferred to sortie other form if we know the power of a device in watts and how long it is used.
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At which stage would you conduct a SWOT analyses to understand the market and the strength of your product?
A. screening and evaluation stage
B. ideation stage
C. new product development stage
D. commercialization stage
At the B. ideation stage, we should conduct a SWOT analysis to understand the market and the strength of your product.
Ideation is a creative process where designers generate ideas in periods (e.g., brainstorming, worst feasible concept). It's far the third degree within the design thinking manner. Participants gather with open minds to supply as many ideas as they could to deal with a hassle declaration in facilitated, judgment-free surroundings.
In the Ideation stage, the intention is to generate a big number of ideas — thoughts that doubtlessly encourage more recent, better thoughts — which the team can then clear out and slender down into the excellent, maximum practical, or most progressive ones.
The quick form of the design wondering manner may be articulated in five steps or levels: empathize, outline, ideate, prototype, and check. Let's in short explore each of these stages on the subject of a practical layout process.
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Costs that have already been incurred and cannot be avoided regardless of what a manager decides to do are ______ costs.
A sunk cost is a cost that has already been incurred and cannot be changed regardless of what a manager decides to do.
What is a Sunk cost ?
A sunk cost refers to money that has already been spent and cannot be recovered. In business, the axiom that one has to "spend money to make money" is reflected in the phenomenon of the sunk cost. A sunk cost differs from future costs that a business may face, such as decisions about inventory purchase costs or product pricing. Sunk costs are excluded from future business decisions because they will remain the same regardless of the outcome of a decision.
Brief of Sunk cost :
A sunk cost refers to money that has already been spent and cannot be recovered. A manufacturing firm, for example, may have a number of sunk costs, such as the cost of machinery, equipment, and the lease expense on the factory. Sunk costs are excluded from a sell-or-process-further decision, which is a concept that applies to products that can be sold as they are or can be processed further.
When making business decisions, organizations should only consider relevant costs, which include the future costs that still needed to be incurred. The relevant costs are contrasted with the potential revenue of one choice compared to another. To make an informed decision, a business only considers the costs and revenue that will change as a result of the decision at hand. Because sunk costs do not change, they should not be considered.
Example of Sunk Costs :
Assume that XYZ Clothing makes baseball gloves. It pays $5,000 a month for its factory lease, and the machinery has been purchased outright for $25,000. The company produces a basic model of a glove that costs $50 and sells for $70. The manufacturer can sell the basic model and earn a $20 profit per unit. Alternatively, it can continue the production process by adding $15 in costs and sell a premium model glove for $90.
To make this decision, the firm compares the $15 additional cost with the $20 added revenue and decides to make the premium glove in order to earn $5 more in profit. The cost of the factory lease and machinery are both sunk costs and are not part of the decision-making process.
If a sunk cost can be eliminated at some point, it becomes a relevant cost and should be a part of business decisions about future events.
If, for example, XYZ Clothing is considering shutting down a production facility, any of the sunk costs that have end dates should be included in the decision. To make the decision to close the facility, XYZ Clothing considers the revenue that would be lost if production ends as well as the costs that are also eliminated. If the factory lease ends in six months, the lease cost is no longer a sunk cost and should be included as an expense that can also be eliminated. If the total costs are more than revenue, the facility should be closed .
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Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the:________.
Accounting rules, methods, and estimates utilized in making ready monetary statements are maximum in all likelihood to be observed within the: auditor's report.
The worldwide monetary Reporting requirements (IFRS) and the normally frequent Accounting concepts (GAAP) are accounting principles that offer suggestions on how organizations must put together economic statements.
A corporation's revenues and charges are provided at the earnings announcement, which is used to assess an organization's economic outcomes (or profitability) from business activities over a period of time. An organization's monetary role is best evaluated by using the stability sheet.
The summary of substantial accounting rules is a segment of the footnotes that accompany an entity's financial statements, describing the key rules being accompanied with the aid of the accounting branch. This precis is typically located at or close to the beginning of the footnotes.
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The fed’s efforts to manage interest rates and thus the availability of credit is known as?
The fed’s efforts to manage interest rates and thus the availability of credit is known as monetary policy.
To control the total quantity of money in circulation, promote economic growth, and put into action policies like raising interest rates and changing bank reserve requirements, a nation's central bank employs a collection of tools known as monetary policy. The three main tools of monetary policy are the discount rate, reserve requirements, and open market activities.
The Fed influences the cost and accessibility of credit and money to maintain a strong economy as the nation's monetary policy regulator. The three objectives of monetary policy are to curb inflation, moderate employment levels, and maintain long-term interest rates.
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Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. how much will the certificate be worth in 10 years? round your answer to two decimal places.
Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. The certificate worth 10 years is $14,555.17.
What do you mean by deposit?A deposit is the act of giving money (or money equivalents) to an organization, most frequently a bank or other financial institution.The deposit is a credit for the party that made it (individually or as a group), and it can be refunded (withdrawn) in line with the conditions set forth at the time of deposit, transferred to another party, or applied to a future purchase.The primary source of funding for banks typically deposits.What is the interest rate?The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum). The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.Learn more about interest rate here:
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Answer:
14,512.15
Explanation:
The bank reconciliation uncovered a transposition error in the books. This is an example of a?
The bank reconciliation uncovered a transposition error in the books is called detective control.
A bank reconciliation is the technique of matching the balances in an entity's accounting information for a coins account to the corresponding data on a bank declaration. The goal of this method is to envision the variations between the two, and to book adjustments to the accounting facts as appropriate.
There are five essential kinds of account reconciliation: bank reconciliation, consumer reconciliation, vendor reconciliation, inter-organization reconciliation and enterprise-precise reconciliation.
A financial institution reconciliation may be notion of as a components. The components is coins account stability in keeping with your records, plus or minus reconciling items, bank announcement balance. when you have this method in balance, your bank reconciliation is entire.
Disclaimer: your question is incomplete,please see below for complete question
The bank reconciliation uncovered a transposition error in the books. This is an example of a
a. preventive control
b. detective control
c. corrective control
d. none of the above
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Which document is least important in determining the financial value of a purchase?
The record least vital in figuring out the financial value of a purchase is purchase requisition.
The Requisition (REQS) file is used to file a purchasing request for goods or offerings from a doors dealer. A requisition refers to the manner of formally soliciting for a provider or object, typically the use of a purchase requisition shape or every other standardized record. The requisition manner is a standardized manner of maintaining tune of and accounting for all requisitions made inside a commercial enterprise.
A purchase requisition shape is a record submitted by means of a worker to request the acquisition of products or offerings on behalf of the enterprise. these purchases can be for enterprise operations, stock, or to manufacture resources for sale. filing a purchase requisition shape sets off the buying method. anytime an employee wants to make a buy – say, as an example, they need a brand new laptop – they will use a buy requisition shape to explain exactly what the purchase is and why they want it for paintings.
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If $300 of new reserves generates $800 of new money in the economy, then the reserve ratio is:_______
Answer: 37.5
Explanation:
it just is
Tracing transactions through the information system relevant to financial reporting. inquiring of entity personnel. assessing inherent risk. inspecting documents and reports
Tracing transactions through the information system relevant to financial reporting.
Financial reporting is the process of documenting and speaking monetary activities and performance over particular time intervals, usually on a quarterly or every year basis. corporations use monetary reports to prepare accounting data and document on contemporary economic status.
Financial reporting includes the subsequent: external economic statements (earnings announcement, statement of comprehensive earnings, balance sheet, declaration of coins flows, and declaration of stockholders' equity) The notes to the financial statements.
Financial reporting is crucial for management to make informed business decisions primarily based on information of the company's financial health. potential investors and banks may also use your enterprise's financial reporting to decide if they need to make investments or loan you money.
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Grande communications offers a lower price to customers who subscribe to grande television, telephone, and internet services all at once. This is an example of?
Grande communications offers a lower price to customers who subscribe to Grande television, telephone, and internet services all at once. This is an example of price bundling.
Price bundling is a pricing strategy where companies package separate products together and offer them at a single typically lower price in order for higher sales and profit.
Price bundling is very common these days as it is seen that these days there are various companies who sell two products together at a lower price than the sum of the individual price of each product. Thus, by this they sell two products and make their sales.
Hence, Grande communications offers a lower price to customers whoever subscribes to Grande television, telephone, and internet services all at once.
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The component standardization allows a firm to manufacture the component or chunk in higher volumes than would otherwise be possible, which in turn may lead to ______ costs and _____________ quality
The component standardization allows a firm to manufacture the component or chunk in higher volumes than would otherwise be possible, which in turn may lead to concept development costs and system quality.
To ensure that all steps involved in producing a good or providing a service are carried out in accordance with predetermined standards, standardization is a framework of agreements that all pertinent stakeholders in a sector or organization are required to abide by.
Through standardization, the quality of the final product is guaranteed, and any conclusions reached are similar to all other comparable things in the same class.
When businesses seek to maintain a high level of quality, production standards, manufacturing output, and brand recognition, they often turn to standardization.
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