CONSUMER BEHAVIOR Definition

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CONSUMBER BEHAVIOR is the study of individuals, groups or organizations and the processes that are used by that consumer to identify, purchase, apply and dispose of a product or service, and the study of those experiences or ideas to satisfy needs and the impacts that these processes have on the the choices that consumers or society ultimately make.

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BUSINESS ENTITY PRINCIPLE is where the business is seen as an entity separate from its owner(s) that keeps and presents financial records and prepares the final accounts and financial statements. The accounting is kept for each entity as a whole (groups of companies must present consolidated accounts and consolidated financial statements).

REVENUE ADJUSTMENT is a journal entry to either increase or decrease revenue based upon new data; thereby either increasing or decreasing cash.

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