Tracking Business and Personal Spending by Categories Is an Important

question 150

True/False

Tracking business and personal spending by categories is an important technique to control expenditures.

Understand the impact of strategic planning on business performance and the importance of strategic management for all organizational members.

Identify various modes of strategy-making and the advantages of each.

Understand the concept of synergy in business strategy and its effects.

Appreciate the shift towards more inclusive and organic strategy-making processes in modern organizations.

---

Definitions:

Deferred Tax Liabilities

Future tax payments a company owes but has not yet paid, often arising from timing differences between accounting practices and tax laws.

Deferred Tax Assets

Deferred tax assets are items on the balance sheet that reduce future tax obligations because of overpayment or advance payment of taxes or future tax benefits due to allowable temporary differences.

Book Income Tax Expense

The amount of income tax expense that is reported on the financial statements, which may differ from the actual tax paid due to differences between accounting and tax rules.

Temporary Difference

A difference between the carrying amount of an asset or liability in the balance sheet and its tax base, which will result in taxable or deductible amounts in the future.