What Is Benchmarking

question 35

Multiple Choice

What is benchmarking?

• A) Identifying a problem to be fixed
• B) Seeking an industry's or profession's best practices to imitate and improve
• C) Explaining why a problem occurred
• D) Asking the CEO's opinion and going with his or her idea

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Definitions:

Perpetual Inventory System

An inventory management system where records of inventory quantities are updated on a continuous basis as transactions occur.

Accounts Payable

The amount of money a company owes creditors (suppliers, etc.) in return for goods and services they have delivered.

Merchandise Inventory

The value of a company's current inventory of goods available for sale.

Perpetual System

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.