Francois, a Sales Representative for an Accounting Software Service Provider

question 76

Multiple Choice

Francois, a sales representative for an accounting software service provider will be making a sales call on Martin, Smith and Dhillon Ltd a local accounting firm.He will be meeting the procurement officer in the next couple of days to demonstrate the value added his product line provides.The day before the meeting, he had a bunch of balloons and a note that said, "Friday will be your lucky day," sent to accounting firm's procurement officer.What kind of approach is Francois using?

• A)curiosity
• B)product
• C)opinion
• D)SPIN
• E)customer benefit

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Definitions:

LIFO

The "last in, first out" method of inventory valuation, where the most recently acquired items are considered sold first, used in periods of inflation to increase cost of goods sold and reduce taxes.

Periodic inventory system

An inventory accounting system where updates to inventory accounts are made periodically, typically at the end of a financial period, rather than after each transaction.

Ending inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.

Periodic system

A periodic system is an inventory management approach where inventory levels and the cost of goods sold are calculated at the end of each accounting period, rather than continuously.