During which managerial function do you make a blueprint for action that describes what you need to do to realize your goals?
A. Organizing
B. Leading
C. Controlling
D. Defining
E. Planning
E. Planning
Planning is coping with uncertainty by formulating future courses of action to achieve specified results. When you make a plan, you make a blueprint for action that describes what you need to do to realize your goals.
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The client makes estimates relative to recorded amounts in the financial statements. Which of the following assumptions best represents the auditor's primary focus regarding the reasonableness of such estimates?
a. That historical trends are followed. b. That income is managed. c. That there is an adequate cushion. d. That management reverses estimates when opportune.
Team members generating explanations that support their preferred course of action is known as ______.
A. groupthink B. group rationalization C. formal policy D. guiding principle
In which of the following cases does an easement by prescription arise?
A) The state acquires a person's property through condemnation. B) A power company enters into a written agreement to lay cables under one's front yard. C) A neighborhood family openly uses another's back yard as a short cut to the beach every day for 25 years. D) A person leases out his garage for the purpose of storing furniture.
Edie telephoned the office supply store and agreed to buy a dozen ink cartridges at $26 each. She then realized what a good buy this was and called the store with a request to modify the contract to read two dozen. What is the consequence?
a. The modified contract is unenforceable. b. The modified contract is void. c. The modified contract is valid and enforceable. d. There is no consideration, so the contract is void.