The Process of Identifying Other Organizations That Are Best at Some

question 80

Multiple Choice

The process of identifying other organizations that are best at some facet of your operations,and then modeling your organization after them is known as:

• A)continuous improvement.
• B)employee empowerment.
• C)benchmarking.
• D)parody.
• E)industrial espionage.

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Definitions:

Perpetual LIFO

Perpetual LIFO, or Last-In, First-Out, is an inventory accounting method continuously updating inventory and costs of goods sold by assuming the last items purchased are the first to be sold.

Ending Inventory

The worth of products ready for purchase at the conclusion of a financial period.

Cost Flow Assumption

A method adopted by businesses to value inventory and determine the cost of goods sold, such as FIFO (First In, First Out) or LIFO (Last In, First Out).

FIFO

"First In, First Out," an inventory valuation method assuming that the first items purchased are the first ones sold, affecting the cost of goods sold and ending inventory value.