What are the three parts of a financial plan?
What will be an ideal response?
Answer: The three parts of a financial plan are forecasting (predicting revenues, costs, and expenses), budgeting (a detailed plan for estimated revenues and expenses for the period), and financial controls (in which revenues and expenses are compared to the budgeted figures).
Explanation: A financial plan, a firm's strategy for reaching its financial goals, has three parts: (1) forecasting, (2) budgeting, and (3) financial controls.
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Consigned goods are recognized as revenues by the:
a. consignor when a sale to a third party has occurred. b. consignor when the merchandise has been shipped to a consignee. c. consignee when a sale to a third party has occurred. d. consignor when it receives payment from consignee for goods sold.
Companies sometimes initiate price cuts in an attempt to dominate the market through lower costs
Indicate whether the statement is true or false