One of the Most Important Challenges for Managers in the Business

question 35

Multiple Choice

One of the most important challenges for managers in the business context is:

• A) exposure to the sharp competitive forces of the Asian, American and European marketplaces
• B) the attainment of government goals
• C) the need to emphasise effectiveness over efficiency
• D) maintaining competitive health care options
• E) the need to emphasise efficiency over effectiveness.

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Definitions:

Accrued Expense

An expense that has been incurred but not yet paid, leading to a liability on the balance sheet.

Net Income

The final earnings tally for a company after subtracting all costs and tax charges from its revenue total.

Adjusting Entry

A journal entry made at the end of an accounting period to record revenues and expenses in the period in which they actually occurred.

Supplies Expense

Represents the cost of supplies used during an accounting period, differentiating from supplies bought but not yet used.