It begins with the establishment of revision of an organization’s mission and goals. The strategic planning process begins with a detailed analysis of the organization's strengths and weaknesses and the identification of opportunities and threats within the marketing environment.
Answer the following statement(s) true (T) or false (F)
Ans: False
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The cash account is significant to the auditor for which of the following reasons?
a. The cash account is the culmination of a large volume of transactions. b. The cash account is not as susceptible to fraud as most other accounts. c. Cash is the only account that provides opportunity for fraud. d. Automated systems do not possess the capability to maintain strong internal controls over cash.
Which of the following is not true regarding the lower-of-cost-or-market basis for inventory valuation?
a. It is a conservative accounting policy. b. It recognizes losses from decreases in market value before a sale occurs. c. It recognizes gains from increases in market value above original acquisition cost only when a sale occurs. d. It reports inventories on the balance sheet at amounts that are never greater, but may be less, than acquisition cost. e. It reports inventories on the balance sheet at amounts that are equal to the acquisition cost less a normal profit margin.
Accumulation of dividends in arrears on cumulative preferred stock does not guarantee the dividends will be paid.
Answer the following statement true (T) or false (F)
The term "performance evaluation" has the same meaning as
a. Performance timing b. Performance appraisal c. Performance judging d. Performance kit