Retail Inventory That Is Unaccounted for Between Receipt and Time

question 217

True/False

Retail inventory that is unaccounted for between receipt and time of sale is known as shrinkage.

---

Definitions:

Security Agreement

A legal document that provides a lender a security interest in specified assets of the borrower as collateral for a loan.

Filing

The process of submitting documents to a specified authority or organization for official review or record-keeping.

Perfects

The process of securing a legal interest or claim in collateral or property, often used in finance and legal contexts to ensure rights are enforceable.

Financing Statement

A document filed by a creditor to indicate a security interest in the debtor’s assets, used to perfect a lien.