Many Companies Are Beginning to Realize That They Are Not

question 101

Essay

Many companies are beginning to realize that they are not really market and customer driven they are product and sales driven. In the attempt to transform themselves into true market-driven companies, it will require the firm to change. Describe and explain what changes are going to be necessary.

Understand how performance is a function of ability, motivation, and environment.

Discuss the purposes of performance evaluation and strategies for minimizing legal challenges.

Identify effective methods and practices for conducting evaluation interviews and developing objectives within performance evaluation systems.

Understand the four basic considerations for establishing performance standards.

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Definitions:

General Journal

A primary bookkeeping ledger used by businesses to record all transactions in chronological order.

General Ledger

The comprehensive set of accounts that records all transactions of a business, serving as the foundation for preparing financial statements.

Accounting Time Periods

The specific intervals or time frames for which financial information is reported, such as monthly, quarterly, or annually.

Interim Periods

Shorter reporting periods within a fiscal year, such as quarters or months, used by companies to provide timely financial information.