What is vendor-managed inventory (VMI)?
What will be an ideal response?
Some companies go further and shift the ordering responsibility to their suppliers in systems called vendor-managed inventory (VMI). These suppliers are privy to the customer's inventory levels and take responsibility for replenishing automatically through continuous replenishment programs.
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The interdependence between business and society takes two forms: inside-out linkages and outside-in linkages. Explain.
What will be an ideal response?
Marsh Corporation borrowed $90,000 by issuing a 12%, six-month note payable, all due at the maturity date. After one month, the company's total liability for this loan amounts to:
a. $91,800 b. $90,900 c. $90,450 d. $90,000
Explain the role of accountants in the conceptual design stage
Apparent authority may exist:
A. when the conduct of the principal causes a third person reasonably to believe that another has the authority to act for the principal. B. only if actual authority has been conferred on the agent. C. if a principal has unintentionally permitted third persons to believe a person is him/her agent. D. if the principal specifically describes the extent of the agent's powers in writing or orally and makes him/her a special agent.