A _____ Is Defined as a Purchase That Is Made

question 23

Multiple Choice

A _____ is defined as a purchase that is made on a nonrecurring or limited basis with little or no attention of developed an ongoing relationship with the supplier.

• A) purchasing alliance
• B) long-term contract
• C) short-term contract
• D) spot contract
• E) JIT contract

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Definitions:

Key Management Personnel

Individuals having authority and responsibility for planning, directing, and controlling the activities of an entity, typically including top-level managers and directors.

Disclosure Exemption

Situations under which a company is allowed not to disclose certain information that would normally be required by accounting standards.

Government Agency

An organization at the federal, state, or local level that administers specific functions on behalf of the government.