Which of the Following Statements Is True of Successful Organizations

question 46

Multiple Choice

Which of the following statements is true of successful organizations?

• A) The mission and vision statements of these organizations are completely different.
• B) They typically view customers from the standpoint of what company products or services they use.
• C) The members of the upper management make themselves clearly visible to front-line employees.
• D) They realize that it is cheaper to continually attract new customers than to retain current customers.

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Definitions:

Retail Method

An accounting method used to estimate ending inventory and cost of goods sold by calculating a cost-to-retail percentage and applying it to the retail price.

Estimated Cost

The anticipated cost to undertake a project or produce a good, used for budgeting and planning purposes.

Ending Inventory

The total value of all unsold goods remaining at the end of an accounting period, calculated for cost of goods sold reporting.

Ending Merchandise Inventory

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