Discuss the Three Levels of Planning

question 52

Essay

Discuss the three levels of planning. What are the characteristics of each in terms of managerial level, level of detail, and time horizon?

Comprehend the principles of periodic reporting and the time period assumption in accounting.

Understand the function and recording of adjusting entries in the accounting cycle.

Comprehend the concept and application of accrual accounting versus cash basis accounting.

Describe the purpose of adjusted and unadjusted trial balances and their roles in preparing financial statements.

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Definitions:

Listening to Managers

The act of actively paying attention to information or instructions given by managerial personnel.

Barriers to Good Listening

Factors that interfere with the ability to accurately receive and interpret messages during the communication process, such as noise, distractions, biases, or lack of interest.

Listening Barriers

Factors that prevent effective absorption, understanding, or response to spoken messages.

Guidelines for Listening

Standards or principles designed to improve active and effective listening skills in various communication contexts.