Michael Porter's Five Forces Analysis Is an Important Tool

question 46

Multiple Choice

Michael Porter's five forces analysis is an important tool:

• A) that considers a firm's strengths and weaknesses along with the opportunities and threats that exist in the firm's environment.
• B) for executives to analyze strategic groups in order to understand gaps in the industry that represent untapped opportunities.
• C) for analyzing how much profit potential exists in an industry.
• D) for evaluating profit potential of an organization's various business units or product lines.
• E) for organizing factors within the general environment and identifying how these factors influence industries and the firms within them.

Analyze the impact of inventory errors on financial statements over multiple periods.

Understand the application and benefits of the retail inventory method.

Recognize the practical applications and limitations of the gross profit method for estimating inventory cost.

Grasp the effects of purchase transactions not recorded but included in physical inventory on financial statements.

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Definitions:

Performance Appraisal

A systematic evaluation of an employee's job performance and productivity, often used for feedback and development purposes.

Job Descriptions

A formal account of an employee's responsibilities, duties, and the scope of a job.

Performance Appraisal

A systematic evaluation of an employee's job performance and productivity in relation to established criteria and organizational objectives.

Objective Voice

A way of writing or speaking that is impartial, unbiased, and based on facts rather than personal feelings or opinions.