Is the concept of strategic planning relevant only to profit-making organizations? Can nonprofit organizations or the federal government also embrace planning?
What will be an ideal response?
The concept of planning is not limited to profit-making organizations alone, but can also be embraced by nonprofit organizations and/or federal governments. Even though nonprofit organizations are not concerned with making a profit, they could not continue to operate year after year at a huge unsubsidized deficit. Likewise, governments must
be concerned with operating as efficiently as possible. Regardless of what category an organization falls into, it still has goals and must make decisions to achieve these goals. The planning process should be the guiding force behind this decision making. In brief, planning is relevant for any goal-seeking organization.
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Higher marginal income tax rates create an incentive for companies to underfund their pension plans.
Answer the following statement true (T) or false (F)
Briefly describe the concept of integrated marketing communications (IMC)
What will be an ideal response?
Which one of the following adjustments will increase assets?
A) Interest incurred on money borrowed during the period but not yet paid to the bank. B) Rent revenue is recorded for amounts owed by a tenant but not yet paid. C) The use of supplies is recorded. D) Depreciation for the period is recorded.
During the month of July, Clanton Industries issued a check in the amount of $845 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:
A. Add the check amount to the bank balance. B. Deduct the check amount from the bank balance. C. Make a journal entry in the company records for an error. D. Add the check amount to the book balance of cash. E. Deduct the check amount from the book balance of cash.