Which of the Following Describes the Planning Function of Management

question 67

Multiple Choice

Which of the following describes the Planning function of management?

• A)Setting short and long-term objectives
• B)Comparing actual to budgeted results and taking corrective action
• C)Taking actions to implement the plan
• D)Arranging the necessary resources to carry out the plan

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Definitions:

December 31 Inventory

The value of all unsold inventory held by a company on the last day of the financial year, typically December 31st.

Long-term Liability Balances

Amounts owed by a business that are not due for payment within the next year, such as bonds payable, long-term loans, and lease obligations.

Budgeted Balance Sheet

A financial statement projecting the future financial position of a company, showing expected assets, liabilities, and equity at a specific time.

Cash Budget

A budget projecting cash receipts and disbursements across a definite time frame, commonly employed to oversee liquidity and guarantee fiscal steadiness.