Unclosed Business Is Defined as Business Written Close to the Balance

question 29

True/False

Unclosed business is defined as business written close to the balance date for which the date of attachment of the risk is before the balance date:

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Definitions:

Source of Supply

The origin from which goods and services are obtained, which could be a manufacturer, distributor, or a service provider.

Portfolio Analysis

The evaluation of the performance and composition of a collection of investments, projects, or products to make strategic decisions.

Spend Map

A tool or document used in procurement and supply chain management to visualize and analyze an organization's spending patterns, helping with strategic planning and savings identification.

Item Substitution

The practice of replacing one item with another, typically similar item, often due to availability issues or cost benefits.