Which of the Following Is True of Planning in Decision

question 113

Multiple Choice

Which of the following is true of planning in decision making?

• A) It helps an organization to select goals and strategies.
• B) It improves the quality of products.
• C) It helps in evaluating performance.
• D) It helps in the analysis of actual performance.

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Definitions:

Current Year

Refers to the ongoing calendar or fiscal year, often used in accounting and reporting to denote the present period.

LIFO

"Last In, First Out," an inventory valuation method where the goods purchased last are the first ones to be used or sold.

Gross Profit

The financial metric representing the difference between sales revenue and the cost of goods sold (COGS), before deducting overhead, payroll, taxes, and interest payments.

Ending Inventory

Merchandise value set for sale at an accounting period's end.