Explain the significance of "mission" for an organization
What will be an ideal response?
The mission is the overall purpose of the organization. It describes the general scope of activities for the firm, and
often includes fundamental principles of the manner in which the organization intends to do business. Many
companies use mission statements to define their overall purpose. For example, Hilton's Hampton Inn franchise
declares its mission statement as follows: "To create rewarding customer experiences that build long term loyalty to
Hilton Worldwide, drive business to our hotels, and spread the warmth of Hilton hospitality worldwide."
You might also like to view...
During May, Aniston, Inc purchased office supplies for cash. The supplies will be used in June. What effect does this purchase transaction have on the accounting equation?
a. Assets increase and stockholders' equity decreases. b. Assets increase and liabilities increase. c. Assets decrease and liabilities decrease. d. There is no effect on the accounting equation as one asset account increases while another asset account decreases.
Each of the following companies is a merchandising business except a
A) candy store. B) car wash. C) wholesale parts company. D) furniture store.
In what way does the interaction concept constitute a new business philosophy?
What will be an ideal response?
All of the following statements related to estimated liabilities are true except:
A. Depends on the likelihood that a future event will occur. B. Include vacation benefits or paid absences. C. Can be both current and long term. D. Entry to record includes a debit to an expense account and credit to a payable account. E. Are a known obligation of an uncertain amount that can be reasonably estimated.