Explain why it is desirable for a firm to have manufacturing flexibility. Give at least one example (from the textbook or elsewhere) of a firm relying on its flexibility.
What will be an ideal response?
A successful answer will indicate that flexibility enables a firm to quickly change product types, ordering of processes, and process capacities in response to unexpected changes in customer demand. The answer could then describe the Dell example from the textbook or another relevant example.
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Building layers of advantage, searching for loose bricks, changing the rules of competitive engagement, and collaborating are elements of the competitive advantage framework developed by:
A) W.E. Deming. B) Hamel and Prahalad. C) Porter. D) Drucker. E) D'Aveni.
In ________, new employees work in specific jobs under the direct supervision of their managers.
A. the blended approach B. an orientation program C. etiquette training D. on-the-job training E. a structured training program
The U.S. Internal Revenue Service requires that firms recognize bad debt expense only when they conclude an account is not collectible
Indicate whether the statement is true or false
The Retained earnings account has a credit balance of $39,000 before closing entries are made. Total revenues for the period are $57,200, total expenses are $40,800, and dividends are $9800. What is the correct closing entry for the expense accounts?
A. Credit Expense accounts $40,800; debit Retained earnings $40,800. B. Debit Expense accounts $40,800; credit Income Summary $40,800. C. Debit Income Summary $40,800; credit Expense accounts $40,800. D. Debit Income Summary $40,800; credit Retained earnings $40,800. E. Debit Expense accounts $39,000; credit Retained earnings $39,000.