As October Came to a Close, Geoff Updated the Sales

question 90

Multiple Choice

As October came to a close, Geoff updated the sales and operations plan with figures for actual sales, production, inventory, costs, and constraints before turning the production staff's attention to November, a process known as:

• A) planning.
• B) rolling.
• C) closing out.
• D) pencil whipping.

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Definitions:

Earned

Income or revenue that has been realized or generated, typically through the sale of goods or services.

Collected

The process of receiving or bringing in payments or money owed to an individual or business.

Interest Payable

This is the amount of interest expense that has accrued but not yet been paid by the company.

Note Payable

A written agreement where one party promises to pay another party a certain amount of money at a future date or on demand.