Describe the Characteristics of an Effective Mission Statement

question 81

Essay

Describe the characteristics of an effective mission statement.

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Definitions:

Lease Term

The fixed, non-cancellable period of time for which a lease is agreed upon between the lessee and the lessor.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.

Capital Lease

A long-term lease agreement that designates the lessee (the person who rents the asset) as having the financial responsibilities and benefits of ownership.

Long-Term Asset

A long-term asset is an asset that is not expected to be converted into cash within a year and is used over a long period, such as property, plant, and equipment.