The Strategy in Which Managers Try to Gain a Competitive

question 79

Multiple Choice

The strategy in which managers try to gain a competitive advantage by focusing the energy of all the organization's departments or functions on driving the organization's costs down below the costs of its rivals is called:

• A)Concentration on a single industry
• B)Diversification
• C)Cost leadership
• D)International expansion
• E)Vertical integration

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Definitions:

Outstanding Checks

Checks that have been issued and recorded in accounting records but have not yet been cashed or cleared by the bank.

Bank Reconciliation

Aligning the cash account figures in a business's financial records with the relevant details found in a bank statement.

Bank Statement Balance

The ending account balance in a bank statement, representing the amount of money available in an account at the end of a statement period.

Outstanding Checks

Checks that have been written and recorded in the payer's financial records but have not yet been cashed or cleared by the bank.