Last Year, Idle Time Gaming, Inc

question 63

Multiple Choice

Last year, Idle Time Gaming, Inc., experienced one of the most successful introductions of one of its new action videos since the company's inception. The CEO announced that sales and profits had exceeded company projections. He attributed the success to a flexible plan, which included good design, accurate product testing, and innovative marketing and sales tactics. In order to have good recall of the procedures that were put in place for this successful introduction, he has charged a team of managers to develop a(n) __________________ system, so the company can avoid "reinventing the wheel." For future introductions, he wants to be able to recall what worked and what didn't work

• A) information technology
• B) human relations management
• C) enablement management
• D) knowledge management

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Definitions:

Permanent/Temporary

Refers to the classification of accounts where permanent accounts are balance sheet items that carry over into the next fiscal period, and temporary accounts are income statement items that are closed to equity at the end of the fiscal period.

Normal Balance

Reflects the expected balance orientation (debit for assets and expenses, credit for liabilities, equity, and revenues) of an account in double-entry bookkeeping.

Financial Statement

A written record that conveys the business activities and financial performance of a company, typically including the balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Refers to accounts on a company's balance sheet that are carried over from one accounting period to the next, with permanent indicating long-term accounts and temporary indicating accounts that are closed at the end of each period.