Identify the Following Terms

question 65

Short Answer

Identify the following terms.
-John Calvin and Geneva

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Definitions:

Inventory Management

The supervision of non-capitalized assets and stock items, including the management of ordering, storing, and using a company's inventory.

ABC Approach

A methodology used in inventory management and cost accounting that prioritizes items based on their importance, cost, or another criterion, often categorized into A, B, and C groups.

Cash Discount

A reduction in the invoice amount by a seller if the buyer pays within a specified period, incentivizing early payment.

Purchases Discount

Purchases Discount represents a reduction in the price of goods a company buys, usually offered by suppliers as an incentive for early payment.