Purchasing departments usually have the responsibility and authority to:
A) legally commit the company to a contract. B) determine price and source.
C) satisfy the needs of the user department. D) all of the above
D
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Janine buys swimwear for a chain of apparel stores. At a recent trade show, she took the opportunity to meet with a few vendors. During a meeting with the vendor that she normally purchased from each season, he proposed a weekend in the Cayman Islands to view the swimwear that European tourists were wearing. Janine knows that it would be beneficial to see what European tourists are wearing and then translate what she is seeing into her assortment for her target customers. Before continuing her discussions with the vendor, what should she do?
A. She should check to see if there might be a better place than the Cayman Islands to scope out swimwear trends. B. She should look at her budget to see how much product she would be able to purchase from this vendor this season. C. She should ensure that all her work is completed before she leaves for an extended weekend. D. She must inform her divisional merchandise manager of the proposal. E. She should see what other vendors might be offering.
An oil well cost $1,782,500 and is calculated to hold 150,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 40,000 barrels of oil during the year? All 40,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
A) Cost of Goods Sold - Oil Reserve 475,200 Accumulated Depletion - Oil Reserve 475,200 B) Depletion Expense - Oil Reserve 475,200 Oil Revenue 475,200 C) Depletion Expense - Oil Reserve 475,200 Accumulated Depletion - Oil Reserve 475,200 D) Oil Reserve Inventory 475,200 Accumulated Depletion - Oil Reserve 475,200
Operating income is:
a. net sales less cost of goods sold. b. earnings before interest and tax. c. earnings before tax and nonrecurring items. d. gross profit less operating expenses. e. net income plus interest.
Sustainable approaches in business usually involve trade-offs such as lower profits compensated by reduced marketing costs and improved image/reputation.
Answer the following statement true (T) or false (F)