The First Step in Making a Decision Is To

question 14

Multiple Choice

The first step in making a decision is to:

• A) gather the facts.
• B) define the problem.
• C) develop alternative solutions.
• D) determine the risk.
• E) evaluate the risk.

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Definitions:

Reimbursement

Compensation paid to someone for out-of-pocket expenses they have incurred.

Internal Service Fund

A proprietary fund in governmental accounting used to account for the financing of goods or services provided by one department to other departments on a cost-reimbursement basis.

Central Data Processing

The handling and processing of data centrally for efficiency and control, typically within the IT department of an organization.

Economic Resources Measurement Basis

An accounting principle that focuses on the valuation and reporting of an entity's assets based on their current economic values rather than historical cost.