A journal entry used to indicate depreciation expense is called an adjusting entry. It is prepared at the end of a period to reflect the expense on the income statement and the decline in the fixed asset's value on the balance sheet.
What is balance sheet?A balance sheet, also referred to as a statement of financial position or a statement of financial condition in financial accounting, is an overview of the financial standing of an individual or organization, including a sole proprietorship, a business partnership, a corporation, a private limited company, or other entities like the government or not-for-profit organizations. The ownership equity, liabilities, and assets as of a specific date, like the end of its fiscal year, are listed. A balance sheet is frequently described as a "picture of a company's financial position."
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The company neglected to record depreciation in the previous year. how should this be treated in the financial statements?
Option B is the correct answer.
Depreciation expense is left out of the financial accounts, and this has two consequences. Assets are inflated when a corporation fails to report depreciation on fixed assets because depreciation is not subtracted. Additionally, because depreciation is not included in the income statement, net income rises, which causes the shareholder's equity to be overstated. The asset that is depreciated and the depreciation expenditure are two expenses that are subtracted from the income statement. It is a lien against the asset. Depreciation expense resulted in a decline in both net income as well as the related asset.
The question is incomplete, complete question is:
Z Company's accountant forgot to make an adjustment at the end of the year to record depreciation expense on the equipment. What effect did this omission have on the company's financial statements?
a. understated assets and liabilities
b. overstated assets and shareholders' equity
c. understated liabilities and overstated shareholders' equity
d. overstated assets and understated shareholders' equity
e. none of the above
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Why would it be better to be in a partnership?
Answer:
A partnership is easy and inexpensive to establish
the business benefits from pooled knowledge and skills of different partners
the workload is shared
more partners can be added,which could help increase capital
partnerships are not compelled by law to complete audits on financial statements
Explanation:
Answer:
Each partner will bring their own knowledge, skills, experience and contacts to the business, potentially giving it a better chance of success than any of the partners trading individually. Partners can share out tasks, with each specialising in areas they're best at and enjoy most.
Explanation:
I hope it helps
All of the following are included in a competitive bid except:________
a. reoffering yields
b. stated rates of interest
c. premiums or discounts
d. dollar amount of bid
The correct answer is (A) reoffering yields.
Competitive bidding is a formal method for determining what the applicants need and formally requesting it so that possible service providers may assess it and make bids for it.
What are non-competitive bids mean?In contrast to non-competitive bidding, which allows investors to buy securities at a price determined by competitive bidding, which is often the asset's fair market value, competitive bidding awards the security to the highest bidder.
What is a method for competitive bids?Competitive bidding is a formal method for determining what the applicants need and formally requesting it so that possible service providers may assess it and make bids for it.
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In a service firm, salaries of administrative personnel, rent and utilities, and nonbillable employee time are?
In a service firm, salaries of administrative personnel, rent and utilities, and non-billable employee time are Assigned to the client or account using in allocation.
Receptionist: Serving as more of the face of the corporate, receptionists welcome clients, answer questions, and make nonbillable employee people feel comfortable upon entering the building.
A salary can vary greatly from the median income because it is influenced by age, sector, professional experience nonbillable employee and hours worked. The office assistant is incredibly the same as an administrative one. He or she is going to typically write emails, cater to incoming calls, file documents, and more.
Furthermore, office assistants confirm your workplace is running as smoothly as possible. Indian nonbillable employee Administrative Services (IAS) Officers are government officials/Bureaucrats assigned with the responsibility of handling the administration and daily proceedings of the govt.
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The income statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. what does this information mean to the accountant?
That information means the accounts are out of balance. It happened because there is probably an error that has been made previously. This happens because if $55,800 is subtracted by $77,520 it will result in an imbalance and create a loss.
An income statement is a financial document that must be owned by a company after the balance sheet and cash flow. From the report, you can see how much income and expenses are borne by the company in a certain period of time. In addition, the income statement also has several benefits as below:
Informing the total tax to be paidProvide profit or loss informationCompany evaluation referenceSee company efficiencyBe the basis for making a decision#SPJ4
Consumers known as ________ believe that the personality traits of brands are malleable, and they tend to accept brand extensions.
'Consumers known as incremental theorists believe that the personality traits of brands are malleable, and they tend to accept brand extensions.
Incremental theorists who focus on behavioral factors (e.g., effort, problem-solving strategies) as causes of negative performance outcomes are more likely to act on these mediators. They work harder, come up with better strategies, and keep working.
Those who believe that intelligence is fixed (such as entity incremental theorists) tend to think that intelligence is based in biology and is a ubiquitous part of an individual's personality. Conversely, those who believe that intelligence is malleable (that is, progressive theorists) tend to reject essentialist assumptions.
Gradualism was coined in the 1950s by the American political scientist Charles E. Lindblom responded to the then popular notion of policymaking as a process of rational analysis leading to value-maximizing decisions.
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According to thinking like an economist, economic risk analysis is on firmer ground when it comes to answering what type of question and why?.
Economic risk analysis, in the opinion of thinking like an economist, is on firmer ground when positive queries, queries involving economic analysis of how certain institutional or policy decisions will affect things.
Evaluation of costs and benefits is essentially what economic analysis includes. In order to facilitate better resource allocation, it begins by evaluating projects according to their economic feasibility. It seeks to assess how a project would affect wellbeing.
Economic analysis aids organizations and their sponsors in weighing the benefits of social interventions against their costs. The optimum way to distribute resources is determined by these comparisons.
A positive question, for instance, might be "Do higher minimum salaries produce greater rates of youth unemployment?"
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Company's beginning accounts payable is $1,000. it had a $10,000 of purchases on account and paid $7,000 of the amounts owed. the accounts payable ending balance equals a _____ balance
Company's beginning accounts payable is $1,000. it had a $10,000 of purchases on account and paid $7,000 of the amounts owed. the accounts payable ending balance equals a $4,000 credit.
What Does AP (Accounts Payable) Mean?Accounts payable (AP), often known as "payables," are short-term debts due by a business to its suppliers or creditors that have not yet been settled. On a company's balance statement, payables are shown as a current obligation. Another, less common meaning of "AP" is the business unit or division in charge of processing the company's payments due to suppliers and other creditors. AP is a significant component of a company's balance sheet. If AP rises over a previous period, it indicates that the corporation is using credit more frequently than cash to purchase the more products or services. If a business's AP declines, A considerable degree of cash flow manipulation by management is possible through AP. The length of time it takes for the company to settle all outstanding AP accounts, for instance, can be increased by management if it needs to enhance cash reserves for a specific time.
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A scale used to weigh produce at a market has markings every 0.1 kg. which measurement for the mass of a dozen apples is correctly reported for this scale?
A scale used to weigh produce at a market has markings every 0.1 kg
Measurement for the mass of a dozen apples is correctly reported for this scale 1.87 kg
What is produced in the market?Farm is a generalized term for many farm-produced crops, including fruits and vegetables (grains, oats, etc.
Why is it named produce?
Produce here refers to “fresh fruits and vegetables”. It's the noun understanding of that word, not the verb, and so its stress falls on the first syllable. Therefore the vegetables aisle is the place where such items are found.
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You need to transfer some naoh solution from a very large stock bottle to your reaction flask. how do you do this correctly?
The correct option is (d) to use a smaller container to retrieve the NaOH and then transfer the NaOH to your reaction flask.
We will use a smaller container to retrieve the NaOH and then transfer the NaOH to your reaction flask.
How do you transfer chemicals from one container to another?Solids are typically simpler to transfer to a beaker or other container with a wide mouth. Bring a beaker with a label to the shelf where the chemicals are kept for the reagents. Don't set the reagent bottle down after removing the cap (risks contamination).
By tipping the bottle and slowly turning the bottle back and forth, many solid chemicals can be transferred with ease. Avoid raising the bottle high and letting the liquid spill out. Use the spatula if one is offered at the reagent bottle. Never use a spatula that you own. Make sure the appropriate lid is on the appropriate bottle before setting the bottle back on the shelf.Using a funnel is the most secure and efficient way to move chemicals from one container to another. All liquid-based chemicals should be put through a funnel, whether they are in quantities of 1 gallon or 50 gallons, to minimize the risk of spills.
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The complete question is:
“You need to transfer some NaOH solution from a very large stock bottle to your reaction
flask. How do you do this correctly?
a. use a funnel to pour the NaOH from the stock bottle to your reaction flask
b. set up a siphon system to retrieve NaOH from the stock bottle to your reaction flask
c. directly pour the NaOH from the stock bottle to your reaction flask
d. use a smaller container to retrieve the NaOH and then transfer the NaOH to your reaction flask.”
Hayley won a lottery and will receive $1,000 each year for the next 30 years. the current value of these winnings is called the:______.
The current value of these winnings is called the present value.
What is the present value?
Present value is the sum of discounted cash flows. The cash flows that t are expected sometime in the future are discounted using an appropriate discount rate.
The higher the discount rate, the lower the present value and the lower the present value, the higher the present value. The longer in the future the cash flow is expected, the lower the present value and the shorter the time in the future the cash flow is expected, the higher the present value.
For example, the present value of 10,000 expected in 10 years at a discount rate of 10% is 10,000 / (1.10^10) = $3855.43
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Bonds that can be exchanged for shares of stock at the option of the bondholder are referred to as:________
Bonds that can be exchanged for shares of stock at the option of the bondholder are referred to as Convertible bond .
What is a Convertible bond?
A convertible bond, as its name suggests, allows the holder the opportunity to exchange it for a specific number of shares of the issuing business. They function just like standard corporate bonds once they are issued, except with a little lower interest rate. Companies give lower yields on convertibles since they can be converted into stock and profit from an increase in the price of the underlying stock. An investor is stuck with the bond's subpar return—below what a non-convertible corporate bond would get—if the stock does poorly because there is no conversion. The choice between risk and return exists every time.There are two primary reasons why businesses issue convertible bonds or debentures.To know more about Convertible bond visit:
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A monthly sales report produced by an information system would be an example of a(n)?
A monthly sales report produced by an information system would be an example of a(n) output activity.
A system is a group of interacting or interconnected elements that act according to a set of rules to form a unified whole. Systems surrounded and affected by the environment are described by their boundaries, structure, and purpose and expressed in their function.
The definition of a system is a set of rules, arrangements of things, or a group of related things that work toward a common goal. An example of a system is the laws and procedures of a democratic government. An example of a system is how someone organizes their closet.
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If we consider the reality that each worker has different skills, then the production possibilities frontier should:_______
If we consider the reality that each worker has different skills, then the production possibilities frontier should display an increasing opportunity cost of a good as more of that good is produced.
What is opportunity cost?Opportunity costs are the losses incurred when a person, investor, or business selects one course of action over another. Because opportunity costs are unseen by nature, it is simple to ignore them. Knowing the opportunities that might be missed when a business or individual chooses one investment over another might help them make wiser selections.
The benefit that was forfeited because a specific choice was not chosen is known as the opportunity cost. In order to accurately calculate opportunity costs, one must consider the benefits and drawbacks of each option. Opportunity costs have a value that can assist individuals and enterprises in reaching more successful conclusions.
Opportunity cost is an entirely internal expenditure that is only taken into account for strategic purposes; it is not accounted for in accounting profit and is not disclosed to outside parties.
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________ involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other proprietary and confidential data.
Hacking involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other proprietary and confidential data.
Who is a hacker?This is the term that is used to refer to a person that would consciously steal data across computer systems. This person would use certain programs and software to break into the personal computers of individuals and organizations in order to get sensitive data.
Hence we can say that Hacking involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other proprietary and confidential data.
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Historically, the higher the risk premium, the ______ the average return, and the _____ the standard deviation of the returns.
Historically, the higher the risk premium, the higher the average return, and the higher the standard deviation of the returns. Thus, option (c) is correct.
What is risk?
The term risk refers to the situation of the danger. As the possibility of the situation as the creation of the circumstances. The risk of the loss of something.
The higher the average return, the larger the risk of the situation. The risk is determined by analyzing the standard deviation of the returns. The risk is defined as the estimated risk premium. The risk premium is defined as the premium's return-free rate.
Therefore, option (c) is correct.
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Your question is incomplete, but most probably the full question was.
A. lower; higher
B. lower; lower
C. higher; higher
D. higher; lower
E. There is no relationship between the risk premium and the average return.
Big business competes based on mass production and, thus, lower prices. small business can compete based on ______.
The big business competes based on mass production and, thus, lower prices. small businesses can compete based on personalized services and products
This is further explained below.
What is business?Generally, A person may earn a livelihood or make money via the practice of running a business, which entails the production of goods as well as their purchase and sale.
Additionally, it refers to "any activity or business undertaken with the purpose of generating a profit."
Production of considerable quantities of standardized goods in a continuous flow is the definition of mass production, which is sometimes referred to as flow production or continuous manufacturing.
This kind of production often takes place on assembly lines.
In conclusion, large corporations compete with one another via mass manufacturing and, as a result, reduced pricing.
Personalization of services and goods is an area in which smaller companies may compete successfully.
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A+bond+issue+with+a+face+amount+of+$1,100,000+bears+interest+at+the+rate+of+8%.+the+current+market+rate+of+interest+is+9%.+these+bonds+will+sell+at+a+price+that+is:________
The Face value of bonds is $1,100,000
Given here, The Coupon rate= 8%
Market interest rate (Yield to maturity) = 10%
Market interest rate and price of bonds are inversely propotional to each other ,i.e.. if the market interest rate increases then the bonds of price will decreases.
Since market interest rate is more than coupon rate, from this we can say that the bond issued at price less than face value.
Due to high market interest rate, this bond is discount bond.
Therefore, The Issue price of bonds is Less than $1,100,000.
A financial instrument’s face value is its initial issuance price expressed in dollars. Comparatively, the face value of a stock is the price established by the issuer when the stocks is first issued, but the face value of a bond is the price that the issuer pays at the time of maturity, also referred to as “par value.”
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The non-financial sectors of u.s. business ________ far more loanable funds than they ________.
The non-financial sectors of u.s. business Demand far more loanable funds than they Supply.
What is the demand and supply?The supply and demand can be described as the economic model of price determination which is been used in the market.
It should be noted that this postulates that in a competitive market, the unit price for a particular good, is required in the market, hence The non-financial sectors of u.s. business Demand far more loanable funds than they Supply.
In conclusion, Demand which an economic term relates to the willingness that the consumers have to purchase goods as well as services which involves the willingness to pay a specific price for them, however the increase in the price of a good or service do decrease the quantity demanded.
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Initially, a bankers' acceptance is essentially? a covered call. a repurchase agreement. an embedded call option. a postdated check.
Initially, a bankers' acceptance is essentially a postdated check.
What is postdated check?A post-dated check is one that has been written by the drawer for a future date and is used in banking. Depending on the nation, a post-dated cheque may be cashed or deposited prior to the date printed on it.A check can be postdated by writing one for a later date rather than the one it was written on. Usually, the goal is for the check recipient to hold off on cashing or depositing the check until the date that has been mentioned in the future. In addition to postdating checks, there are additional options to give yourself extra time to obtain the required amounts to deposit checks in your account.Learn more about post-dated check here:
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Which type of innovation is illustrated by toyota implementing lean production principles?
The type of innovation that is illustrated by Toyota implementing lean production principles is Process innovation.
What is process innovation?Process innovation refers to a type of innovation where a company implements better methods of production and service delivery to improve the quality of their products.
The lean production principles that Toyota has adopted are meant to make their cars of higher quality which means that Toyota is using lean production principles.
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Current market prices reflect all relevant information, whether it is known publicly or privately. True or false?.
True. Current market prices reflect all relevant information, whether it is known publicly or privately.
What does strong-form efficiency mean?Strong form efficiency is the strictest interpretation of the efficient market hypothesis (EMH) investment theory, which claims that a stock's price takes into account all available information, whether it is public or private. Strong form efficiency advocates contend that even access to insider information cannot benefit an investment.
No matter how much study or information investors have access to, this level of market efficiency indicates that profits above typical returns cannot be realized. The majority of instances of strong form efficiency involve insider knowledge. This is due to the fact that the EMH's strong form efficiency is the sole component that incorporates confidential information.
Contrary to popular opinion, the idea contends, that possessing inside information won't help an investor achieve large market returns.
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Mutaz is talking to su about a project. su can tell that mutaz is unhappy with the project's progress because su and mutaz know each other well. this transmission of information is known as?
Mutaz is talking to su about a project. su can tell that mutaz is unhappy with the project's progress because su and mutaz know each other well. this transmission of information is known a communication.
What is transmission of information?
Information transmission can be referred to as one or more of the different methods that information is disseminated or transferred from one location to another. Telephone, email, radio, TV, and satellite are a few examples of electronic information transmission methods. Synchronous and asynchronous serial transmission are the two types. Bit synchronization is used in both of these transmission techniques. Identification of the start and stop of the data transfer requires bit synchronization.
Therefore,
Mutaz is talking to su about a project. su can tell that mutaz is unhappy with the project's progress because su and mutaz know each other well. this transmission of information is known a communication.
Mutaz is talking to su about a project. su can tell that mutaz is unhappy with the project's progress because su and mutaz know each other well. this transmission of information is known a communication.
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When two asset accounts are changed in a transaction, there must be an increase and a decrease. True or false?.
True, When two asset accounts are changed in a transaction, there must be an increase and a decrease.
Two asset accounts, Allocation for Doubtful Accounts and Accumulated Depreciation, are understood as contra asset statements since these reserves are expected to have credit balances.
What are the two kinds of support?
Assets can be grouped into two principal classes: tangible assets and intangible assets. Tangible assets include various subclasses, including current investments and fixed assets. Current assets include cash, products, accounts receivable, while fixed assets possess land, buildings and equipment.
What are in asset reserves?
Asset accounts are classes within the business's books that show the value of what it owns. A debit to an asset account suggests that the business owns more (i.e. increases the asset), and a credit to an investment account suggests that the business owns less (i.e. reduces the asset).
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The general rule regarding the exchanged basis in the new property received in a like-kind exchange is?
Like-kind treatment is not applicable to most financial instruments, including stocks and bonds, and inventory kept for resale.
What are stocks ?A stock is a colloquial phrase for any company's ownership certificates. You become a shareholder if you possess shares of a specific corporation. There are two categories of stocks: ordinary and preferred.
Beginning investors can profit in the stock market by: Starting early will help your assets expand immensely because of the wonder of compounding, which occurs when interest is received on money that has previously been earned and interest. If left unchecked, even a tiny quantity can significantly increase.
The price of the stock rises, or appreciates. The stock can then be sold for a profit if you so want.
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A narrative based on a true event that is repeated frequently and shared by organizational employees is referred to as a:__________
A narrative based on a true event that is repeated frequently and shared by organizational employees is referred to as a: story.
What is a story?A story can be defined as an event that occur or happen that are told to people, and this story can either be fictional ,imaginary or true life story.
Most people tend to tell a story about an event to others so as to enables them to learn the lesson that comes with the story.
Therefore a narrative based on a true event that is repeated frequently and shared by organizational employees is referred to as a: story.
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Japanese automobile producers sold more of their japanese production overseas than they sold in japan. their business strategy emphasizes:_________
a. importing.
b. exporting.
c. licensing.
d. dumping.
The correct answer is (b) exporting.
Japanese automakers exported more of their products than they did within their own country. their business strategy emphasizes: exporting.
What do exports and imports mean?Imports are the products and services that citizens of a nation choose to purchase over goods and services made in that nation. Since payments to sellers who are located outside are a part of import transactions, there is a corresponding outflow of funds from the nation.
Exports are products and services that are made domestically and then offered to clients in other nations. Due to the fact that export transactions entail selling domestic goods and services to foreign customers, they result in a financial influx into the seller's nation.
The significance of imports, exports, and the overall trade balance to each country's economy varies greatly.
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If a firm has $300,000 in cash flow from assets and $100,000 in cash flow to shareholders, what is the cash flow to creditors?
If a firm has $300,000 in cash flow from assets and $100,000 in cash flow to shareholders, the cash flow of creditors is 200,000.
The cash flow from assets must equal the sum of the cash flow to creditors plus shareholders.
CF from Assets = CF to Shareholders plus CF to Creditors.
CF From assets = CF to Shareholders + CF to creditors.
CF from assets - CF to Shareholders = CF to creditors.
Thus, 300,000 - 100,000 = 200,000.
What is cash flow (CF)?
One of the areas on the cash flow statement that details how much money was made or spent on various investment-related activities during a given time period is the cash flow from investing activities (CFI) section. Purchases of tangible assets, investments in securities, and sales of assets or securities are all examples of investing activities.
A company's poor performance is frequently indicated by negative cash flow. Negative cash flow from investing activities, however, could be the result of significant sums of money being spent on things like R&D that are essential to the company's long-term success.
It's crucial to understand where an organization's investment activity fits into its financial statements before analyzing the various positive and negative cash flows from investing activities.
The balance sheet gives a summary of the assets, liabilities, and owner equity of a company as of a particular date. An overview of the company's earnings and outlays for a time period is given by the income statement. By displaying how much money is made or spent on operating, investing, and financing activities over a given time period, the cash flow statement fills the gap between the income statement and the balance sheet.
Thus, $200,000 is cash flow to creditors.
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What can an organization do to reconcile the different interests of various groups impacting the organization?
Organization can strike a balance between the varying interests of the different groups impacting the organization
The project managers must adhere to the procedure to tame the multi-headed beasts on uncontrolled projects in order to strike the correct balance between meeting stakeholders' expectations and completing the projects within the allotted timetable and budget.
t's important to identify the project's stakeholders, assess the objectives, and comprehend their interests. The project manager must align the team with a common definition of "Success" and make sure that no outside forces interfere with or demotivate the team in order for the final output to be best-in-class.
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Company a issuing its annual financial reports within one month of the end of the year is an example of which ingredient of primary quality of accounting information?
Timeliness is an example of which ingredient of primary quality of accounting information
The term "timeliness" relates to the anticipated time frame for information accessibility and availability. The amount of time between when information is anticipated and when it is accessible for use can be used to gauge how timely something is.Why is promptness crucial to corporate operations?It goes without saying that prompt customer service is crucial to retaining clients. Making clients waste time due to a lack of knowledge or a delay in customer care response may be harmful to long-term loyalty, regardless of how excellent a product or service your firm gives.To Learn more about Timeliness, Click the links.
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