Distinguish between a supply chain and a value chain. How do they relate to each other?
A supply chain is a collection of companies that supply a customer with materials, products, and services. The company's supply chain includes suppliers and suppliers' suppliers as well as customers and customers' customers. On the other hand, a value chain is a sequence of value-creating activities within the organization. Supply chains link the value chains of a company and include the value chains of its suppliers and customers.
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Answer the following statements true (T) or false (F)
1) When a company uses the first-in, first-out (FIFO) method, the cost of goods sold represents the cost of the most recently purchased goods and the value of ending inventory represents the cost of the oldest goods in stock. 2) The total cost spent on inventory that was available to be sold during a period is called the cost of goods sold. 3) First Street Merchandisers has total cost of goods sold of $54,500, total beginning inventory of $18,500, and total ending inventory of $22,100. Cost of goods available for sale is $73,000 4) Under the last-in, first-out (LIFO) method, the cost of goods sold is based on the oldest purchases. 5) The last-in, first-out (LIFO) costing system may or may not match the physical flow of goods.
Items that should be considered in developing a revenue budget for a professional firm include all of the following except:
a. Expected new business. b. Expected mix of professional labor hours. c. Expected mix of work. d. All of these should be considered in preparing a revenue budget for a professional firm.
When determining whether to record an asset as a fixed asset, what two criteria must be met?
A) Must be an investment and must be long lived. B) Must be long lived and must use the asset in a productive manner. C) Must be long lived and must be a tangible asset. D) Must be a tangible asset and must be an investment.
Some bonds mature in installments. If a bond issue contains this feature, the bonds are known as:
A. serial bonds. B. callable bonds. C. convertible bonds. D. secured bonds.