Please Define the Following Key Terms

question 78

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Samuel Crompton

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Definitions:

Preceding Year

The year immediately before the current year.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, calculated as cost of goods sold divided by the average inventory.

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects revenue from its credit sales, calculated by dividing net credit sales by the average accounts receivable.

Sales In Receivables

Likely refers to the concept of "Accounts Receivables" which are amounts owed by customers for goods or services delivered on credit.