Ensuring Receivables Are Collected in a Timely Manner Is Part

question 48

Short Answer

Ensuring receivables are collected in a timely manner is part of ____________________ control.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used in creating the good.

Work in Process Inventory

Items of inventory that are in the process of being produced but are not yet finished goods.

Work in Process Inventory

Goods in manufacturing that are partially completed, situated between raw materials and finished products.

Direct Material Cost

The cost of raw materials that can be directly attributed to the goods being produced.