When the Employee Decides to Leave the Organization Without Resigning

question 80

True/False

When the employee decides to leave the organization without resigning and following the normal process, he/she is said to be absconding.

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Definitions:

Physical Inventory

The process of counting and verifying the actual inventory on hand at a specific point in time.

LIFO Method

Last-In, First-Out, a method of inventory valuation where the most recently produced or acquired items are the first to be expensed.

Periodic Inventory System

An inventory system that updates inventory records at specific intervals, requiring physical counts to determine inventory levels.

Cost Of Goods Sold

Direct expenditures linked to the production of goods sold by a business.