Which of the Following Steps to Successfully Implementing an Internal

question 47

Multiple Choice

Which of the following steps to successfully implementing an internal benchmarking best practices program involves the creation of an organisational culture that reinforces a 'we can learn from everyone' attitude and emphasises sharing information?

• A)Identify best practices throughout the organisation.
• B)Create a best practices knowledge sharing system.
• C)Communicate best practices throughout the organisation.
• D)Develop best practices reward and recognition systems.
• E)Nurture best practices on an ongoing basis.

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Definitions:

Retained Earnings

Part of shareholders' equity on a company's balance sheet, representing the amount of net income left over for the business after it has paid out dividends to its shareholders.

Control Account

An account used in the general ledger to summarize the balances of subsidiary accounts and facilitate the verification of financial information accuracy.

Customer Account Balances

The amounts owed to a company by its customers for goods or services delivered on credit.

Adjusting Entries

Entries made in the accounting records to realign the balances of accounts before financial statements are prepared.