XYZ Bakery's 2012 Objectives Were to Increase Its Revenues by at Least

question 92

Multiple Choice

XYZ Bakery's 2012 objectives were to increase its revenues by at least 5 percent and reduce its net losses by at least 80 percent.According to your textbook,what management function would be instrumental in setting and meeting these goals?

• A) planning
• B) organizing
• C) controlling
• D) leading

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Definitions:

Income Statement

A report detailing a business's income, outgoings, and profit over a set period.

Financial Statement

A financial statement is a report that provides information regarding a company's financial performance and position, including its income statement, balance sheet, and cash flow statement.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus equity.