In a short essay, describe an audit and list at least four uses of audit data
What will be an ideal response?
A physical audit is a formal examination and verification of product movement carried out by examining physical records or analyzing inventory. These audits track inventory flow, current inventory levels, and the impact of both promotional and pricing programs on inventory levels. Standardized as well as customized reports are available to help subscribers manage their brands. These reports provide information that can be used to 1. determine market size and share for both categories and brands by type of outlet, region, or city; 2. assess competitive activity; 3 . identify distribution problems including shelf space allocation and inventory issues; 4. develop sales potentials and forecasts; and 5. develop and monitor promotional allocations based on sales volume.
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Tax assessment of real property according to value is known as
a. appraisal b. ad valorem c. replacement cost d. accretion
Pro forma financial statements are projections for future periods based on forecasts and are typically completed for 2 to 3 years into the future
Indicate whether the statement is true or false