Whereas the Mission Statement Answers the Question, "What Do We

question 81

True/False

Whereas the mission statement answers the question, "What do we want to become?" the vision statement answers the question, "What is our business?"

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Definitions:

Equipment

Tangible property used in the operations of a business, often contributing to the production of goods and services, and generally considered a long-term asset.

Cash

Currency and coins, along with bank balances, checks, and money orders, that are readily available for use.

Expense Account

An account that tracks money spent or costs incurred in an organization's efforts to generate revenue, representing the cost of doing business.

Credit Balance

The amount that appears on the right side of a ledger account, indicating that a liability has increased or an asset has decreased.