The Loss of Inventory That Occurs Because of Theft,damage,and Errors

question 222

True/False

The loss of inventory that occurs because of theft,damage,and errors is referred to as inventory shrinkage.

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Definitions:

Accounts Payable

Liabilities of a business that are due to creditors within a short period of time, usually for the purchase of goods and services.

Expenses

The cost of assets consumed or services used in the process of generating revenues.

Accounts Receivable

Money owed to a business by its customers for products or services delivered on credit.

Net Income

The total profit of a company after all revenues, cost of sales, operating expenses, and taxes have been subtracted from its total revenue.