Once Strategic Management Is Adopted as the Operating Philosophy of Managing

question 2

True/False

Once strategic management is adopted as the operating philosophy of managing, strategic thinking, strategic planning, and managing the strategic momentum require frequent validation of the strategic assumptions to determine whether issues in the external environment have changed and to what extent.

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Definitions:

Permanent Accounts

Accounts that are not closed at the end of the accounting year and whose balances are carried forward to the next year, including assets, liabilities, and equity accounts.

Temporary Accounts

Accounts used to accumulate data related to one accounting period, including revenue, expense, and withdrawal accounts, which are closed at the end of the period.

Trial Balance Columns

Lists in a company's accounting records that show all the debit and credit balances of its accounts, used for internal checking purposes.

General Journal

A ledger where double-entry accounting transactions are initially recorded, including details such as date, accounts affected, and amounts.