Tactical Plans

question 54

Multiple Choice

Tactical plans

• A) require a planning staff for development.
• B) are used to react to unforeseen circumstances.
• C) are normally developed by the board of directors.
• D) cover many years.
• E) are an organized sequence of steps designed to execute strategic plans.

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Definitions:

Merchandise

Goods bought and sold in the course of business operations.

Periodic Inventory System

An accounting system that records inventory purchases during the accounting period but waits until the end of the period to adjust the inventory balances and record cost of goods sold.

Gross Method

An accounting practice for recording the full invoice amount of a sale without deducting any discounts offered.

Merchandise Return

The process by which a customer returns previously purchased merchandise back to the seller, often due to defects or dissatisfaction.