Figure 16-11 
-Refer to Figure 16-11. What, if any, long run adjustment will occur in this industry?
Definitions:
Financial Accounting
The field of accounting focused on the preparation and reporting of financial statements to external users based on historical information.
Planning
The process of creating strategies and outlining tasks to achieve a specific goal.
Directing
The process of guiding, leading, and managing employees in an organization to achieve its objectives.
Controlling
The process of monitoring, comparing, and correcting activities to meet organizational goals and objectives, often part of managerial accounting.
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