________ Is a System Where the Supplier Is Brought into the Plant

question 9

Short Answer

________ is a system where the supplier is brought into the plant to be an active member of the purchasing office of the customer.

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the correct period.

Net Income

The net earnings of a company, calculated by deducting all operating costs and taxes from the total income.

Adjusting Entries

Entries recorded in the journals at the conclusion of a fiscal period to distribute revenues and costs to the timeframe in which they genuinely took place.

Supplies Expense

The cost of supplies used during an accounting period, typically classified as an operating expense.