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GalinKa [24]
3 years ago
11

The competitive moves and business approaches a company’s management uses to grow the business, stake out a market position, att

ract and please customers, compete successfully, conduct operations, and achieve organizational objectives are referred to as:
Business
1 answer:
Ksivusya [100]3 years ago
5 0

Answer:

Strategy.

Explanation:

The competitive moves and business approaches a company’s management uses to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives are referred to as strategy.

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

An organization's strategy sets the overall direction for its business; it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.

Basically, for an organization to formulate strategies that are in tandem with its mission, the organization will need to assess internal weaknesses and strengths, know its core competencies, analyze its rivals (competitors) and examine the external environment.

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The use of the lower of cost or net realizable value (LCNRV) method to value inventory for reporting purposes is a departure fro
Wewaii [24]

Question:

The use of the lower of cost or net realizable value (LCNRV) method to value inventory for reporting purposes is a departure from the accounting principle of:

A) Historical cost.

B) Matching.

C) Going concern.

D) Conservatism.  

Answer:

The Right answer is A) Historical Cost.

Explanation:

Inventories are recorded at their cost. If inventory declines in value below its original cost, a major departure from the historical cost principle occurs.

Whatever the reason for a decline-damage, physical deterioration, obsolesce, changes in price levels, or other causes, a company should write down the inventory to Lower-of-Cost or Net Realizable Value (LCNRV) to report this loss.

A company abandons the historical cost principle when the future utility (revenue-producing ability) of the asset drops below its original cost.

Net Realizable Value refers to the net amount that a company expects to realize from the sale of inventory. Specifically, net realizable value is the estimated selling price in the normal course of business minus estimated costs to make a sale.

Example

Inventory  Value - Unfinished                                         $2,000

Less: Estimated Cost of Completion          $  50

Estimated Cost to sell                                    <u>200</u>           <u>     250</u>

<u>Net Realizable Value                                                             750</u>

<u />

Cheers!

8 0
2 years ago
Q 6.26: Early in 2022, Baker Company switched to a JIT (just-in-time) inventory system. Financial information for the two most r
kipiarov [429]

Answer:

Incomplete question.

Explanation:

Now that using different inventory systems would result in a different value of the inventory.

For example, the JIT (just in time) system implies that the company request inventory just in time when they are needed for production or supply. It therefore means that the value of their inventory level using this method should be lesser, since Baker Company would only receive inventory of what it wants to utilize immediately.

7 0
2 years ago
The costs of organizing a corporation include legal fees, fees paid to the state of incorporation, fees paid to promoters, and t
Deffense [45]

Answer:

expensed as incurred

Explanation:

In accrual method of accounting, it is known that revenues are known when earned and expenses are known when incurred.

Expenses are simply said to be amounts incurred to bring about or generate revenue for an organization or firm, they include cost of goods sold, operating expenses, interest, and taxes.companies has different types of expenses incurred e. g overhead expenses.

5 0
2 years ago
If you case a car accident, which type of insurance will require you to pay the least out of pocket?
maria [59]
Uninsured motorists. Make sure you have it.
7 0
3 years ago
g Companies can help to ensure they do their part toward achieving the Sustainable Development Goals set out by UNCTAD by
Lunna [17]

The correct answer to this open question is the following.

Companies can help to ensure they do their part toward achieving the Sustainable Development Goals set out by UNCTAD by establishing a continuing education program so employees can do what is expected on this issue. Management can start funding campaigns to donate some money to the cause. Ask employees to give volunteering time to noble causes and environmental. The company has to set an example from top management to the operational level to do the right thing always, no matter the circumstances.

We are talking about the sustainability development goals created by the United Nations Conference on Trade and Development (UNCTAD).

8 0
3 years ago
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