One Benefit of Strategic Planning Is It Helps to Build

question 9

Multiple Choice

One benefit of strategic planning is it helps to build common understanding about the organizational mission. This benefit is sacrificed if ______.

• A) it is poorly written
• B) only one person writes the actual document
• C) too many stakeholders have access to the document
• D) it remains a document available only to a select few in management

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Definitions:

Control Environment

The set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. It sets the tone for the importance of internal control and influences the control consciousness of its people.

Proofs And Security Measures

Proofs and security measures refer to the techniques and processes employed to verify the accuracy of financial information and protect it against theft, fraud, and other risks.

Petty Cash Fund

A small amount of cash on hand used for paying minor expenses.

Accounts Payable

Liabilities owed by a business to its suppliers or creditors for goods or services received.