Hutchison Is Introducing a Series of Evolving Changes

question 40

Multiple Choice

Hutchison is introducing a series of evolving changes. Which of the following best describes the type of change he is engaging in?

• A) radical
• B) proactive
• C) incremental
• D) reactive

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Definitions:

Asset Account

Accounts used in accounting to track the resources owned by a company that have future economic value.

Accounts Receivable

Amounts due from customers to a firm for goods or services supplied but still unpaid.

Chart of Accounts

A structured list of all accounts used by a business, organized by type, used for organizing financial transactions and preparing financial statements.

Expense Account

An account used to record the costs incurred by a business in the process of generating revenue, excluding direct materials and direct labor expenses.