A Statement That Sets Out What the Organization's Future

question 2

Multiple Choice

A statement that sets out what the organization's future. It states what an organization wants to be, providing shape and direction. This refer to as:

• A) mission
• B) values
• C) vision
• D) strategy

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Definitions:

Parent-subsidiary

The relationship between two corporations in which one corporation, the parent, owns sufficient voting stock in another corporation, the subsidiary, to control its board of directors.

Economic Entity

A unit in the economy that is capable of control over resources, incurring liabilities, and engaging in business activities.

Combined Financial Statements

Financial statements that present the assets, liabilities, and operating results of two or more affiliated companies as if they were a single economic entity.

Consolidated Financial Statements

Combined financial statements of a parent company and its subsidiaries, presenting the financial position and results of operations as one entity.