What account is credited when goods are sold?
A) Finished Goods
B) Cost of Goods Sold
C) Accounts Payable
D) None of these
E) Cash
A
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During its first year of operations, a company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Its ending finished goods inventory was $300.
Answer the following statement true (T) or false (F)
Which of the following is false about strategic sourcing?
a. It is a systematic process. b. It focuses on the long term. c. It aligns the firm’s purchasing strategies with its overall strategy. d. It deals with day-to-day procurement of goods and services.
A company shares its financial goals, income statements, budgets, sales, forecasts, and other relevant data about company performance and prospects with all its employees. This company engages in the practice of
A. groupthink. B. open-book management. C. filtering. D. micromanagement. E. blogging.
A vision describes in broad, inspirational terms what an organization hopes to accomplish in the future.
Answer the following statement true (T) or false (F)