Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Cash

Raw materials

Finished goods

Work in progress

 

The products that are ready to ship to customers are classified as "Finished goods".

 

Inventory is an asset account on the balance sheet that includes all items that a company intends to sell, such as raw materials, work-in-progress, and finished goods. Raw materials are the items that are used in the production of finished goods, while work-in-progress refers to products that are still in the production process and are not yet completed. Finished goods are the final products that are ready to be sold or shipped to customers. Therefore, finished goods are the inventory items that are classified as products ready to ship to customers.

The 3-way match takes documents from 3 Departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

 The 3-way match takes documents from 3 Departments and matches them before paying a vendor invoice. Choose from the list below one of the departments a document should be received from by accounts payable to perform the match.

Operations

Receiving

Marketing

Sales

 

The correct department from which a document should be received by accounts payable to perform the 3-way match is "Receiving".

 

The 3-way match process involves matching three documents - purchase order, receiving report, and vendor invoice - to ensure that the goods or services ordered have been received and accepted, the invoice amount is accurate, and payment is made to the correct vendor. The receiving department is responsible for verifying that the goods or services have been received as per the purchase order, and they generate the receiving report, which is an essential document for the 3-way match process.

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products in the process of being manufactured?

 

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products in the process of being manufactured?

Cash

Raw materials

Work in progress

Finished goods

The correct answer is "Work in progress".

Numerous departments are involved in the fixed assets purchases and payment processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

 Numerous departments are involved in the fixed assets purchases and payment processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

Marketing

Receiving

Operations

Sales

 

The correct answer is "Receiving." The receiving department is responsible for physically receiving and inspecting fixed assets that are purchased, and for verifying that the assets match the purchase order and invoice. The receiving department also notifies accounts payable and fixed asset accounting when the assets are received, so that they can be properly recorded and paid for. Other departments involved in the fixed asset purchase and payment process may include procurement, finance, and IT.

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

 

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payment processes.

Operations

Sales

Marketing

Fixed Asset Accounting

 

The correct answer is "Fixed Asset Accounting."

 

Fixed Asset Accounting is one of the departments that is typically involved in the fixed assets purchases and payment processes. This department is responsible for managing the organization's fixed assets, including the acquisition, disposal, and depreciation of these assets. They work closely with other departments, such as purchasing and accounts payable, to ensure that fixed assets are properly accounted for and that purchases and payments related to fixed assets are processed accurately and timely.

Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner

 

Choose the best definition from the list below of bid rigging

An external document used to request a supplier to sell and deliver the products in the quantities and for the prices specified

A supplier generated document, which shows quantities and descriptions of items delivered to the receiving department at the specified warehouse location

A documents that shows the descriptions and quantities of goods received from vendors

Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner

 

The correct answer is "Vendors collude with one another and reach advance agreement as to the winning bidder for a particular contract. The winning bidder agrees to compensate the other vendors in some manner."

 

Bid rigging is an illegal practice where vendors collude with each other to determine the winning bidder for a particular contract in advance. This may involve the submission of artificially high bids from competing vendors to make the pre-determined winning bid appear more competitive. In some cases, the winning bidder may agree to compensate the other vendors in some manner, such as by awarding them a separate contract or by providing them with subcontracts. Bid rigging is typically considered a violation of antitrust laws and can result in civil or criminal penalties.

At what phase of maturity would a company be that has implemented a HR and payroll module in a fully integrated enterprise resource planning system?

 

At what phase of maturity would a company be that has implemented a HR and payroll module in a fully integrated enterprise resource planning system?

Phase 3-Defined

Phase 1 -Limited

Phase 4-Optimized

Phase 2 -Informal

Answer

Phase 4-Optimized