Of the Following Forms of Organization, Which Businesses Generate the Smallest

question 181

Multiple Choice

Of the following forms of organization, which businesses generate the smallest sales?

• A) proprietorships
• B) partnerships
• C) corporations
• D) limited partnerships

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Definitions:

LIFO

Last In, First Out, an inventory valuation method where the last items placed in inventory are the first to be used or sold.

Inventory Control

The supervision of the supply, storage, and accessibility of items in order to ensure an adequate supply without excessive oversupply.

Petty Cash Voucher

A document used to record and authorize the use of cash from a petty cash fund for small, immediate expenses.

Control Over Inventory

Refers to the processes and measures a business undertakes to manage its inventory efficiently, ensuring adequate stock levels, and minimizing costs.