A forecast is a(n)
A. glimpse of what just happened.
B. execution of strategy and adjustments.
C. projection for the future.
D. analysis of the past.
E. plan for implementing strategic plans.
C. projection for the future.
A forecast is a vision or projection of the future.
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Unearned Revenue is a liability account
a. True b. False Indicate whether the statement is true or false
Which of the following arguments was not used to support the continuation of the accounting for stock-based compensation plans as allowed under APB Opinion No. 25?
A. The fair value approach would increase expenses and lower net income which would result in lower stock prices. B. The Black-Scholes method of valuing stock options has not been widely accepted and is arbitrary. C. The fair value approach could jeopardize compliance with contract terms and conditions. D. Stock options do not involve a cash flow; therefore, the recording of an expense would violate appropriate income measurement.
[APPENDIX] When a company has a credit balance in its Deferred Tax account, this amount would appear as a(n)
a. contra asset on the balance sheet. b. stockholders' equity account on the balance sheet. c. expense account on the income statement. d. liability account on the balance sheet.
Combining the net deferred tax asset and liability amounts in the noncurrent group is one of the few situations in which GAAP allow offsetting assets and liabilities
Indicate whether the statement is true or false