One of the Key Differences Between a Vision Statement and a Mission

question 65

Multiple Choice

One of the key differences between a vision statement and a mission statement is that the mission statement:

• A)describes the profit goals
• B)describes the company's societal marketing concept
• C)has a long-term focus
• D)has an inspirational theme

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Definitions:

Permanent/Temporary

Describes the nature of employment or accounting entries; permanent implies longevity or continuity, whereas temporary indicates a limited duration or interim status.

Normal Balance

The normal balance is the side (debit or credit) of an account that is expected to have a higher balance based on the accounting equation.

Financial Statement(s)

Reports summarizing the financial performance, position, and cash flows of a business over a specified period, including balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Defines classifications of accounts in accounting where permanent accounts refer to balance sheet items that carry over into the next fiscal period, while temporary accounts are closed at the end of each accounting period.