Long-range plans
A)are different than budgeting in terms of the emphasis and the time period involved.
B)are used primarily as an evaluation of specific results to be achieved.
C)reflect management's plans encompassing one year.
D)have the same amount of detail as the budget.

Question

Quizplus · Accepted Answer

Long-range plans focus on a longer time period than budgets and emphasize overall goals and objectives rather than specific financial details. They typically cover a period of three to five years and provide a framework for decision-making and resource allocation. This is different from budgeting, which is a shorter-term process that focuses on allocating resources and tracking performance over a period of one year. Long-range plans generally have less detail than budgets and are more flexible, allowing for adjustments as circumstances change over time.

Long-Range Plans