A Set of Actions That a Firm Takes to Achieve

question 197

Multiple Choice

A set of actions that a firm takes to achieve a goal is the definition of a

• A)business plan.
• B)business strategy.
• C)business prospectus.
• D)business goal.

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Definitions:

Perpetual Inventory System

An inventory management method where inventory updates are made continuously as sales are made and purchases are received.

Last-In, First-Out

An inventory valuation method that assumes the most recently produced items are sold first, with costs of the latest inventory purchases recorded as cost of goods sold.

Inventory

The sum of products and materials a company has in stock for the purpose of selling or utilizing in manufacturing processes.

Physical Inventory

Physical inventory refers to the process of counting all the physical merchandise or stock in a store or warehouse to ensure data accuracy.