In the Current Business Environment,companies Cannot Survive Without a Long-Term

question 62

Multiple Choice

In the current business environment,companies cannot survive without a long-term strategy.What exactly should an effective strategy include?

• A)A set of policies,procedures,and approaches to business that will result in long-term success.
• B)A focus on accurate financial data,thus allowing the firm to effectively compete in any environment.
• C)A focus on long-term nonfinancial information that will provide the company with versatile management techniques capable of being used in a wide variety of situations.
• D)A clear,concise mission statement,naming every product and outlining the company's long-term goals of success.

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Definitions:

Accounts Receivable

Funds that customers owe to a company for products or services provided but for which payment has not been received.

Unearned Revenue

Money received by a business for services or products yet to be delivered or provided, recognized as a liability on the balance sheet.

Ledger

A comprehensive set of accounts that records all financial transactions of a business, categorized by type.

Normal Balances

The side (debit or credit) on which increases to an account are recorded, depending on the type of account.