Functional Benchmarking

question 45

Multiple Choice

Functional benchmarking

• A) is not very useful for organizations with a divisional organizational structure.
• B) endeavours to determine best practices regardless of industry.
• C) restricts the search for best practices to competitors.
• D) is useful when researching industry-specific standards.

Understand the legal implications of actions taken by members or managers in a member-managed LLC.

Recognize different shareholder voting rights and mechanisms within a corporation.

Identify the responsibilities and liabilities of corporate managers and directors under the duty of care, loyalty, and obedience.

Comprehend the impact of specific laws and trends on corporate listings and governance in the U.S.

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Definitions:

Cost Or Market

An accounting method for inventory valuation, valuing inventory at the lower of its historical cost or market value.

Weighted Average Cost

A method of inventory costing that assigns a weighted average cost to each unit of inventory on hand, based on the cost of goods available for sale and the number of units available.

Perpetual System

An inventory management approach that tracks the sale and purchase of inventory in real-time, providing a continuous account of inventory and cost of goods sold.

Perpetual LIFO

A method of inventory valuation where the last items acquired are the first considered sold in an ongoing, or perpetual, system.