Dynamic Inventory Models Apply to Inventories That Are Used for _____

question 59

Multiple Choice

Dynamic inventory models apply to inventories that are used for _____.

• A)flow shops
• B)intermittent flow shops
• C)batch work that occurs fairly regularly
• D)all of the above

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Definitions:

Unearned Rent

Income received for rent before the rental period has occurred, classified as a liability until the services (rental period) are performed.

Accrued Salaries

Salaries that have been earned by employees but have not yet been paid by the employer, recognized as a liability on the balance sheet.

Journal Entry

A record in the books of accounts that documents a business transaction in terms of debits and credits.

Adjusting Entries

Fiscal period closing entries in accounts to properly assign incomes and expenditures to the interval in which they factually took place.