A Liaison Role Exists When

question 32

Multiple Choice

A liaison role exists when:

• A) there is direct contact between managers affected by a problem.
• B) there is an exchange of paperwork about a problem.
• C) a temporary committee composed of representatives form each department affected by a problem is formed.
• D) a person located in one department had the responsibility for communicating and achieving coordination with another department.

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Definitions:

Stock-Outs

Stock-outs occur when an item is no longer available for sale, typically because inventory levels have been depleted.

Periodic Inventory System

A method of inventory valuation where inventory counts and cost of goods sold calculations are made periodically at the end of a reporting period, instead of after each sale.

Cost Flow Assumptions

Accounting principles that dictate how the cost of goods sold and ending inventory values are calculated, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

LIFO

"Last In, First Out" - an inventory valuation method where the most recently produced or purchased items are recorded as sold first.