As Technology and Cultures Evolve,the Best Approach for Operations Managers

question 30

Multiple Choice

As technology and cultures evolve,the best approach for operations managers is to:

• A)Work harder.
• B)Adapt their business models.
• C)Retire.
• D)Make their processes more efficient.

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Definitions:

Liability

A financial obligation or debt that an individual or company owes to another party.

Asset

An economic resource owned or controlled by an entity that is expected to provide future economic benefits.

Income Summary

An account in the ledger that aggregates all the revenues and expenses for the period, used to transfer net income or loss to owner's equity.

Merchandise Inventory

Goods a company holds for the purpose of sale to customers.