Strategic Planning quiz

The strategic plan states the means by which an entity expects to achieve its stated mission. Achieving the mission is predicated on implementing long-term objectives

Strategic analysis is the process of long-range planning. Such tasks as setting the target product mix and production schedule for the current year are short-term activities

Top management establishes policies as guides to middle- and lower-management decision making. Policies are relatively broad guidelines for making routine decisions consistent with overall objectives. They channel thinking in a certain direction but allow for some managerial discretion

Strategic planning is the process of setting overall organizational objectives. It is a long-term process aimed at determining the future course of the organization. Analysis of the current month’s budget variances is a short-term activity

Strategic planning establishes the general direction of an organization. It embodies the concerns of senior management and is based specifically on

(1) identifying and specifying organizational objectives;

(2) evaluating the organization’s strengths and weaknesses;

(3) assessing risk levels;

(4) identifying and forecasting the effect of external (environmental) factors relevant to the organization;

(5) deriving the best strategy for reaching the objectives, given the organization’s strengths and weaknesses and the relevant future trends; and

(6) analyzing and reviewing the capital budgeting process and capacity planning.

Planning is the determination of what is to be done, and of how, when, where, and by whom it is to be done. Plans serve to direct the activities that all organizational members must undertake to move the organization from where it is to where it wants to be. Forecasting is the basis of planning because it projects the future. A variety of quantitative methods are used in forecasting .

MBO managers believe that employees are committed to achieving objectives, working hard to receive the rewards of achievement, and striving for self-actualization. The MBO view is that employees enjoy work, need little supervision, seek responsibility, and are imaginative problem solvers

Strategic planning is the process of setting the overall organizational objectives and involves the drafting of strategic plans. Analysis and review of departmental budgets is an aspect of operational management

Strategic planning is the process of setting overall organizational objectives and drafting strategic plans. Setting ultimate objectives for the firm is a necessary prelude to developing strategies for achieving those objectives. Plans and budgets are then needed to implement those strategies .

Planning is the determination of what is to be done and of how, when, where, and by whom it is to be done. Plans serve to direct the activities that all organizational members must undertake and successfully perform to move the organization from where it is to where it wants to be. No transactions that require recording in the general ledger take place during the planning cycle.

Purchasing, receiving, cash payments, and other transactions in the expenditure cycle are recorded in the general ledger.

Accounting for costs, deferred costs, and property involved in the production or conversion of goods or services are recorded in the general ledger.

Sales, receivables, cash receipts, bad debts, and other transactions in the revenue cycle are recorded in the general ledger.