Give One Example of a Firm That Has Achieved a Distinctive

question 40

Essay

Give one example of a firm that has achieved a distinctive competency in efficiency and describe that competency. Repeat for a firm with a distinctive competency in quality, innovation, and responsiveness to customers.

Recognize the importance of a petty cash system and its management.

Understand the application and limitations of internal control systems.

Recognize various types of transactions and their impact on bank reconciliation.

Know the importance and use of electronic transactions in business.

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Definitions:

Increases

Situations where there is a rise in the level, amount, or number of a certain variable or condition.

Public Good

A public good is a product or service that is non-excludable and non-rivalrous, meaning it can be used by many people simultaneously without diminishing its availability to others.

Nonexcludable

A characteristic of a good or service where it is impossible, or highly costly, to prevent someone from using it once it has been provided.

Nonrival

A characteristic of a good where one person's consumption does not diminish the utility or availability of that good for others.