In Which Step of the Five-Step Decision-Making Process Would a Manager

question 107

Multiple Choice

In which step of the five-step decision-making process would a manager determine the number of orders for a product that was received in the past,the time it takes to manufacture a product,the available capacity,and the average manufacturing cycle time for a product?

• A)Step 1: Identify the Problem and Uncertainties.
• B)Step 2: Obtain information.
• C)Step 3: Make predictions about the future.
• D)Step 4: Make decisions by choosing among alternatives.
• E)Step 5: Implement the decision,evaluate performance,and learn.

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Definitions:

Adjusted Trial Balance

A list of all accounts and their final balances after all end-of-period adjusting entries have been made, used to prepare financial statements.

Revenue Recognition

The accounting principle that determines the specific conditions under which revenue is recognized and recorded in financial statements.

Income Taxes

Taxes levied by the government on the income of individuals or corporations.

Adjusting Entries

Recordings at the period's end in accounting to accurately assign earnings and costs to the time they happened.