Which of the Following Statements Concerning Planning Is INCORRECT

question 3

Multiple Choice

Which of the following statements concerning planning is INCORRECT?

• A) Planning should come before all other managerial functions.
• B) Good plans guarantee good results.
• C) Supervisors should conduct planning activities every day.
• D) Planning involves anticipating future problems and opportunities.

Identify and understand the importance of the control environment within an organization.

Understand the process and significance of bank reconciliation in financial accounting.

Recognize the role and methods of internal controls over cash transactions.

Identify the components and objectives of an internal control system.

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Definitions:

Net Operating Losses

Financial losses that a company reports when its operating expenses exceed its revenues, which can be used for tax relief.

Tax Liability

The total amount of tax owed to the tax authorities by an individual, organization, or company at any given time.

Optimal Size

Optimal size is the most efficient scale of operation for a firm where it can minimize its cost and maximize its profitability.

Synergy

The concept that the combined value and performance of two companies will be greater than the sum of the separate individual parts.