A Mission Statement Is

question 44

Multiple Choice

A mission statement is

• A) a statement of how an organization will achieve its purpose in the environment in which it conducts its business.
• B) solely for people visiting the company so they understand what the company does.
• C) not necessary for smaller businesses.
• D) the same as a purpose.
• E) a statement developed by the board of directors to guide the business.

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Definitions:

Donated Land

This informs the recording of land gifted to an entity, valued at its fair market value at the time of donation as an asset on the balance sheet.

Donated Machinery

Assets received for free by an entity, where the fair market value of the machinery is recorded as both income and an asset on the balance sheet.

Volunteer Hours

The amount of time individuals spend performing unpaid services for nonprofit organizations or community projects.

Restricted Fund Method

An accounting practice where funds specified for certain purposes are kept separate in financial records to ensure their use only for those purposes.