The Marketing Team Was Asked to Create a Mission Statement

question 8

Multiple Choice

The marketing team was asked to create a mission statement for the upcoming financial year. The team came up with, "By the end of the year, our team will produce more advertisements." Which part of the SMARTS test did the team mission statement lack?

• A)Specific
• B)Attainable
• C)Relevant
• D)Time-bound

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company retains after distributing dividends to shareholders.

Balance Sheet Accounts

Categories in a balance sheet including assets, liabilities, and shareholders' equity, representing a company's financial position.

Real Accounts

Accounts that are not closed at the end of the accounting period, representing ongoing financial balances in assets, liabilities, and equity.