An Organization's Ability to Adapt Successfully to Changing Circumstances Refers

question 30

Multiple Choice

An organization's ability to adapt successfully to changing circumstances refers to its

• A) corporate agility.
• B) future shock.
• C) dynamism.
• D) revision power.
• E) liquidity

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Definitions:

Income Summary

An account in which revenues and expenses are summarized, showing the net income or loss for a specific period before closing entries are made.

Net Income

Net income is the total revenue minus total expenses of a business, showing the company's profit during a specific period.

Correcting Entries

Journal entries made to amend previously recorded transactions that were incorrect or incomplete.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell it to customers, and collect the cash from these sales.