BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following processes occurs at the business planning stage?
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Obtaining data about actual results
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Taking corrective action
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Comparing actual performance with budget
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Establishing objectives
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Explanation:
Detailed explanation-1: -The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving its efficiency, working out how it will compete against rival firms in the future, and setting milestones for progress so they can be measured.
Detailed explanation-2: -✓ The purpose of a Business Plan is to identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic and financial feasibility.
There is 1 question to complete.