______________________________ Is the Accumulation of Data on Current Inventories, Sales

question 97

Short Answer

______________________________ is the accumulation of data on current inventories, sales commitments, planned production and excess production capacity or other planned production capacity that could be quickly converted to production of the desired finished goods necessary to fulfill a sales order request.

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Definitions:

Depreciation

An accounting method of allocating the cost of a tangible or physical asset over its useful life to account for declines in value.

Ordinary Assets

Assets that are held for sale in the ordinary course of a business or are otherwise not capital assets, including inventory and property used in a trade or business.

Inventory

Goods and materials held by a business for the purpose of sale or production.

Trade or Business

Trade or Business refers to any activity conducted for profit or livelihood, including goods and services production, buying, selling, or providing services.