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Questions and Answers
Which of the following is false regarding strategic planning?
Which of the following is false regarding strategic planning?
- It is the sole responsibility of supervisors (correct)
- Strategic objectives will be diverse and vary from company to company
- It will span many years
- It should include both short-term and long-term goals
Which of the following is true about management accounting?
Which of the following is true about management accounting?
- It relates to the company
- It is used only by supervisors
- It emphasizes special-purpose information (correct)
- It focuses on short-term goals
Which of the following is true regarding strategic planning?
Which of the following is true regarding strategic planning?
- It is the sole responsibility of supervisors
- It spans only a few months
- Strategic objectives will be diverse and vary from company to company (correct)
- It should only include short-term goals
Which of the following is a primary aspect of the evaluating function within an organization?
Which of the following is a primary aspect of the evaluating function within an organization?
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Which of the following is false regarding strategic planning?
Which of the following is false regarding strategic planning?
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Study Notes
Strategic Planning
- Strategic planning involves setting long-term goals and determining actions to achieve them.
- A common misconception is that strategic planning is a one-time process; it should be dynamic and reviewed regularly.
- Strategic planning should align with the organization’s vision and mission for effectiveness.
- It often includes SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess the internal and external environment.
Management Accounting
- Management accounting focuses on providing financial data and analysis to managers for decision-making.
- It aids in budgeting, forecasting, and performance evaluation within organizations.
- Management accounting differs from financial accounting, which is aimed at external stakeholders and compliance.
- It plays a crucial role in strategic planning by providing relevant financial information.
Evaluating Function
- The evaluating function within an organization assesses the performance of various units against set objectives.
- This aspect includes generating feedback, measuring outcomes, and making necessary adjustments.
- It ensures that the strategic plan remains on track and relevant to changing conditions.
- Continuous evaluation promotes accountability and supports informed decision-making.
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