A Customer Relationship Management Database (Or CRM) Is Absolutely Vital

question 11

True/False

A customer relationship management database (or CRM) is absolutely vital to keep track of every conversation and every commitment you make to pursue next steps in sales.

Understand the sales and purchasing cycles of a merchandising company and differentiate them from service companies.

Identify the type of business (service, merchandising, manufacturing) based on given characteristics.

Comprehend how sales tax is calculated and applied in QuickBooks.

Recognize how inventory and cost of goods sold (COGS) are managed within QuickBooks.

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Definitions:

Ending Raw Materials

The value of raw materials inventory available at the end of an accounting period.

Budgeted Materials Cost

The projected cost of materials outlined in a budget, which is estimated before the actual purchase or use in production.

Finished Unit

A finished unit refers to a product that has completed the manufacturing process and is ready for sale or distribution to customers.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after factoring in purchases and costs.