Department stores are now facing increased competition from factory outlets, membership clubs, and flea markets. This illustrates _____

The quality-control procedures outlined by ISO 9000 certification are based on the honor system that the company with the certification will carry out procedures as promised

a. true b. false

Revenue recognition method in which companies recognize revenue and gross profit at a point in time—that is, when the contract is completed. Under this method, companies accumulate costs of long-term contracts in process, but they make no interim charges or credits to income statement accounts for revenues, costs, or gross profit.

(a) contract (b) continuing franchise fees (c) franchisor (d) completed-contract method