Identify Each of the Following Statements as True or False

question 27

True/False

Identify each of the following statements as true or false.
Facts and statistics from outside sources must be documented, but direct quotations do not have to be documented.

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Definitions:

Net Positive Float

The excess of funds available for use due to the time difference between when a check is deposited and when it clears.

JIT System

Just-In-Time System, an inventory management strategy that aligns raw-material orders directly with production schedules.

Accounts Payable

The amounts a company owes to its suppliers or vendors for goods or services received but not yet paid for; a liability on the balance sheet.

Collections Float

Float created while funds from customers’ cheques are being deposited and cleared through the cheque collection process.