According to Richard Rumelt, What Are the Three Elements of a Good

question 88

Essay

According to Richard Rumelt, what are the three elements of a good strategy? Briefly describe each of these elements.

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Definitions:

Reversing Entry

An accounting entry made at the beginning of a period to reverse the effects of certain adjustments made in the previous period.

Salary Expense

The cost incurred by a business to pay its employees.

Financial Statement

An organized log of economic actions and the financial situation of a firm, an individual, or any other unit.

Permanent/Temporary

Pertaining to accounts in accounting where permanent accounts are balance sheet accounts that carry over balances into the next financial period, and temporary accounts are reset or closed to equity through retained earnings at the end of a period.