The Utility Created by Converting Production Inputs into Finished Products

question 26

Multiple Choice

The utility created by converting production inputs into finished products is called ____ utility.

• A) form
• B) time
• C) production
• D) place
• E) possession

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Definitions:

Credit Memo

A document issued by a seller to a buyer, reducing the amount the buyer owes to the seller under the terms of an earlier invoice.

Receiving Report

The form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected.

Supplier's Invoice

A document issued by a supplier listing the products or services provided, their quantities, and the agreed prices, to request payment from the buyer.

Purchase Order

The purchase order authorizes the purchase of the inventory from an approved vendor.