A Supply Chain

question 17

Multiple Choice

A supply chain:

• A) Refers to the supplies needed to build products
• B) Refers to the flow of materials, information, payments and services.
• C) Is similar in function and purpose to the value chain
• D) Does not apply to a service firm like an accounting firm.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Units

A measurement of quantity representing how many pieces, items, or parts are considered in transactions, production, or inventory counts.

Generally Accepted Accounting Principles

A set of accounting standards and practices that are used to prepare financial statements in the U.S., ensuring consistency and comparability.

Budgeting

Involves creating a plan to allocate resources and revenues over a specified period, often used for financial planning and control.