The first three steps of the strategic management process involve ________ strategies
A) planning
B) implementing
C) evaluating
D) identifying
Answer: A
Explanation: The first three steps of the process include stating the mission of the organization, followed by an analysis of its position (strengths, weaknesses, etc.) in the marketplace. These first three steps are planning strategies, rather than implementation (step 5), evaluation (step 6), or identification (step 4) strategies, making "planning" the correct answer.
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The receiving clerk at Wattana Technologies examines incoming shipments and checks their purchase order numbers. A receiving report is then sent to accounts payable, where it is reconciled with the relevant purchase orders and invoices and payment is authorized. Which of the following would correct control weaknesses related to the clerk's activities?
A) Controls are adequate under the current system. B) Vendor invoices should be approved for payment by the purchasing manager. C) Purchase orders and receiving reports should be reconciled by the purchasing manager. D) Vendor invoices should be approved for payment by the shipping clerk after the purchase order and receiving report are reconciled.
Interest payable on a loan becomes a liability:
A. When the note payable is issued. B. As it accrues. C. At the maturity date. D. When the borrowed money is received.