Inventory Management Systems That Are Designed to Make the Process

question 220

Multiple Choice

Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as

• A) order replenishment systems.
• B) quick response systems.
• C) customer logistics factors.
• D) minimum-inventory systems.
• E) web-based response systems.

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Definitions:

Receivables

Money owed to a business by its customers for goods or services delivered or used but not yet paid for.

Allowance Method

An accounting technique to estimate and account for bad debts, where anticipated uncollectible accounts receivable are predicted and recorded.

Uncollectible Receivables

Accounts receivable that cannot be collected from customers, often recognized as a bad debt expense.

Net Realizable Value

The estimated selling price of goods, minus the cost of their sale or disposal.