A Person Who Has Made a Successful Decision When No

question 10

Multiple Choice

A person who has made a successful decision when no obviously correct model or rule is available or when relevant data are unreliable or incomplete has exercised:

• A) foresight.
• B) judgment.
• C) effective strategic thinking.
• D) decisiveness.

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Definitions:

Fiscal Year

A twelve-month period used for accounting purposes to prepare financial statements, which may or may not align with the calendar year.

Calendar Year

A one-year period that begins on January 1 and ends on December 31, used for most financial and tax reporting purposes.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including a balance sheet, income statement, and cash flow statement.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.