Which of the Following Is Not an Area in Which

question 145

Multiple Choice

Which of the following is not an area in which an organization must stay ahead of its competitors to achieve competitive advantage?

• A)Environmental action
• B)Being responsive to customers
• C)Innovation
• D)Quality
• E)Efficiency

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Definitions:

Gross Profit

The gap between income and the expense of products sold, reflecting a company's ability to efficiently handle its workforce and materials during manufacturing.

Ending Inventory

The sum total of items ready for sale calculated at the end of an accounting cycle.

Periodic System

An inventory system where updates to inventory accounts are made periodically at the end of a reporting period, rather than continuously, often requiring physical counts.

Average Cost Method

An inventory valuation method that calculates the cost of goods sold and ending inventory value based on the average cost of all items in inventory.