Match the Terms with the Definitions

question 76

Multiple Choice

Match the terms with the definitions.
-Merchandise acquired for resale to customers.

• A)accounts payable ledger
• B)cost of goods sold
• C)FOB destination
• D)FOB shipping point
• E)gross profit
• F)purchase invoice
• G)purchase order
• H)purchase requisition
• I)purchases
• J)receiving report
• K)schedule of accounts payable
• L)trade discount

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Definitions:

Top-level Managers

Executives who are responsible for overseeing the entire organization and establishing its overall goals and strategies.

Management Levels

The different layers of authority within an organization, typically including top-level (executive), middle-level, and lower-level (operational) management.

Procedures

Established methods or steps followed to complete tasks or operations within an organization, ensuring consistency and compliance with standards.

Policies

Formal guidelines established by organizations to govern actions and decisions.