In the Context of the Levels of Planning, Strategic Goals

question 47

Multiple Choice

In the context of the levels of planning, strategic goals are:

• A) major targets that relate to the long-term survival of the organization.
• B) specific to a functional area in the organization.
• C) driven by operational plans.
• D) focused on the major actions a unit must take.
• E) procedures and processes to get day-to-day work done.

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Definitions:

Purchase of Raw Materials

The acquisition of the basic materials required for the production of goods or delivery of services.

Work in Process Inventory

The account that tracks the costs associated with partially completed goods that are still in the process of being manufactured.

Unadjusted Cost of Goods Sold

Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.

Journal Entry

A record in the accounting journal that represents a business transaction and its effect on the accounts.