Describe the Common Tasks in Strategic Planning Process

question 59

Essay

Describe the common tasks in strategic planning process.

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Definitions:

Pretax Financial Income

Income of a company calculated before taxes are deducted, often compared to taxable income for tax planning.

Deferred Tax Asset

A tax benefit that arises from temporary differences between the tax and accounting treatment of assets and liabilities, to be utilized in future periods.

Income Taxes Payable

This account reflects the amount of income taxes a company owes to the government but has not yet paid, representing a liability on the balance sheet.

Income Tax Expense

The cost incurred by businesses or individuals due to earnings, calculated according to government tax rates and laws.