Explain and Contrast Just-In-Time Inventory and Vendor-Managed Inventory

question 115

Short Answer

Explain and contrast just-in-time inventory and vendor-managed inventory.

Comprehend the process and components of developing a customer benefit plan.

Learn the necessary steps for closing a sale.

Understand the role of trust and relationships in sales.

Realize the importance of problem-solving and creativity in sales strategy.

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Definitions:

Accrual Earnings

Earnings that are recognized when revenues are earned and expenses are incurred, not necessarily when cash is received or paid.

Reconciliation

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.

Direct Method

The Direct Method in accounting is a way to present the cash flow statement, showing actual cash receipts and payments, directly reporting major classes of gross cash receipts and payments.

Accrual Accounts

Accounts that record revenues and expenses when they are earned or incurred, not necessarily when cash is received or paid.