Determining a Firm's Long-Term Goals and Objectives,adopting Courses of Action,and

question 59

Multiple Choice

Determining a firm's long-term goals and objectives,adopting courses of action,and allocating resources required to achieve goals is a process called:

• A)strategy formulation.
• B)strategic planning.
• C)strategy implementation.
• D)capital budgeting.

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Definitions:

Standard

Typically refers to an accepted level of quality or achievement that is used as a measure, norm, or model in comparative evaluations.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a specific product and are an integral part of the finished product.

Actual Price

The price at which a good or service is sold in the market, as opposed to its listed or theoretical price.

Standard Costing

An accounting method that uses standard costs for cost control and financial reporting.