Discuss the Purpose of Planning

question 23

Essay

Discuss the purpose of planning. Who does it and why

---

Definitions:

Unearned Revenues

Money received by a company for goods or services yet to be provided, recognized as a liability until the service or good is delivered.

Payroll Register

A Payroll Register is a document that summarizes all employee earnings, deductions, and net pay during a payroll period, serving as a detailed record of payroll activity.

Prior Year's Earnings

The net income or profit left over from the previous fiscal year after expenses, taxes, and dividends have been deducted.

Estimated Liability

A financial obligation that is expected to be incurred, but the exact amount and timing are not completely certain.