A cost-cutting measure used in many business organization is the use of a(n) ____________________ fund, whereby a custodian handles disbursements and documentation for small expenditures.
Fill in the blank(s) with the appropriate word(s).
petty cash
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The primary difference between the FIFO and weighted average methods of process costing is
a. in the treatment of beginning Work in Process Inventory. b. in the treatment of current period production costs. c. in the treatment of spoiled units. d. none of the above.
A(n) ________ is an enterprise having fewer than 500 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices.
A. nonprofit organization B. entrepreneurial venture C. small business D. greenfield venture E. incubator
Maintaining a high level of accounts payable requires a business to have a high level of current assets.
Answer the following statement true (T) or false (F)
________ is the assignment of different tasks to different people or groups in an organization.
A. Supply chain B. Division of labor C. Locus of control D. Value chain E. Standardization