As Part of the First Step in Its Strategic Planning

question 139

Multiple Choice

As part of the first step in its strategic planning process, the Trout health plan developed the following statements: Statement A-Trout will deliver quality healthcare to our customers at a reasonable cost. Statement B-Within five years, Trout will be recognized as the industry leader in all of our markets. Statement A can best be described as a

• A) Vision statement, and Statement B also can best be described as a vision statement
• B) Vision statement, whereas Statement B can best be described as a mission statement
• C) Mission statement, whereas Statement B can best be described as a vision statement
• D) Mission statement, and Statement B also can best be described as a mission statement

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Definitions:

Canadian Dollars

Canadian dollars (CAD) refer to the official currency of Canada, which is used for all transactions within the country.

Translation Gain/Loss

The gain or loss resulting from the conversion of foreign currency amounts into the functional currency of a business during the consolidation of financial statements.

Functional Currency

The currency of the primary economic environment in which a company operates, typically used in reporting its financial statements.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use, reducing its book value.