Low Turnover Is Particularly Important in the _____ Industry Because

question 80

Multiple Choice

Low turnover is particularly important in the _____ industry because it depends on service-oriented personnel to generate repeat business.

• A)wholesale
• B)just-in-time-supplier
• C)retail
• D)food-processing

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board.

Accrual

The accounting principle of recording revenues and expenses when they are incurred, regardless of when cash transactions occur.

Contra Asset

A balance sheet account used to reduce the value of related asset accounts to report their net value; examples include accumulated depreciation or allowance for doubtful accounts.

Prepayment

Payments made in advance for goods or services, recorded as an asset on the balance sheet until the corresponding goods or services are received.