Operational plans (Connect) Use your knowledge of operational plans to answer the following questions. An operational plan provides a detailed road map of the steps necessary to achieve operational goals (sometimes referred to as objectives). Although there are many specific types of operational plans, they can be broadly characterized as either single-use plans or standing plans. A procedure to shut down the computer network so the operating system can be replaced is a single-use plan of each evening is a standing plan whereas a procedure to close the store at the end For each of the following examples, identify whether it reflects a single-use plan or a standing plan. Single-Use Plan Standing Plan Example Procedures for responding to customer complaints A schedule for completing the redesign of an organization's gardens and landscape An annual budget A rule that prohibits the use of company computers for personal communications You are developing a plan for your department to use when replenishing supplies needed to accomplish ongoing activities. What type of plan should you create? a. Standard operating procedure
b. Policy
c. Program
d. Project

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

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