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Define a process costing system and list two types of businesses that would use a process costing system.
Long-range Planning
Long-range Planning involves setting goals and determining strategies for achieving them over an extended period, often three to five years into the future, to guide sustainable business growth.
Long-range Plans
Strategic plans that encompass a broad vision and long-term goals of an organization, typically extending several years into the future.
Long-term Goals
Objectives or targets a company or individual aims to achieve over an extended period, usually exceeding one year.
Operating Budgets
Detailed projections of income and expenses associated with the day-to-day operations of a business for a specific period.
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