What does inventory turnover measure? What does a low rate of inventory turnover indicate?
What will be an ideal response?
Inventory turnover measures the number of times a company sells its average level of merchandise inventory during a period. A low rate of turnover indicates difficulty in selling inventory.
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An internal control questionnaire indicates that an approved receiving report is required to accompany every check request for payment of merchandise. Which of the following procedures provides the greatest assurance that this control is operating effectively?
A. Select and examine receiving reports and ascertain that the related canceled checks are dated no earlier than the receiving reports. B. Select and examine canceled checks and ascertain that the related receiving reports are dated no earlier than the checks. C. Select and examine receiving reports and ascertain that the related canceled checks are dated no later than the receiving reports. D. Select and examine canceled checks and ascertain that the related receiving reports are dated no later than the checks.
What is the underlying principle in mentoring?
What will be an ideal response?
Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n)
A. star. B. anchor. C. cash cow. D. dog. E. question mark.
If a company has ending inventory of $25,000, purchases during the year of $95,000, and beginning inventory of $30,000, cost of goods sold equals $90,000.
Answer the following statement true (T) or false (F)