The First Step in the Decision-Making Process Is

question 115

Multiple Choice

The first step in the decision-making process is:

• A) Develop alternative courses of action.
• B) Evaluate alternatives.
• C) Recognize the problem or opportunity.
• D) Select and implement chosen alternative.

---

Definitions:

Equity Account

An account representing the owner's interest in a company, indicating the difference between assets and liabilities.

Capital Stock

The total amount of a company's shares of stock, representing ownership in the company.

Records Expense

The act of documenting or entering an expense into the accounting system to reflect its impact on the financial statements.

Obligation

A formal commitment or requirement to do something, often financial in nature, such as repaying a loan or fulfilling a contractual agreement.