COST ACCOUNTING
FINANCIAL TERMINOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A written description of a new business venture
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A brief outline of the business and helps investors understand the size, scope and type of business
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Establishes the purpose of the company and defines its values and beliefs
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Details specific goals the company has and will try to reach
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Detailed explanation-1: -A vision statement looks forward and creates a mental image of the ideal state that the organization wishes to achieve. It is inspirational and aspirational and should challenge employees.
Detailed explanation-2: -What are mission and vision statements? A mission statement defines the organization’s business, its objectives, and how it will reach these objectives. A vision statement details where the organization aspires to go.
Detailed explanation-3: -Mission and vision statements play three critical roles: (1) communicate the purpose of the organization to stakeholders, (2) inform strategy development, and (3) develop the measurable goals and objectives by which to gauge the success of the organization’s strategy.
Detailed explanation-4: -A vision statement is a short statement-about one sentence-that describes the goals and ambitions of your for-profit or nonprofit company. It distills your company’s vision for the future in a way that reflects your company’s core values, and outlines your company’s long-term goals.