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Which one of the following best describes the reason why strategic management is important?
A It allows managers to create proper budgets
B It establishes long term objectives and a framework
C It focuses on tactical actions
D It allows the development of policies
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(a). One of the common threads many successful firms share is that they have a workable mission statement. Explain FIVE reasons a mission statement may contribute to a firm’s success.
(b). You have recently been appointed to manage a project which is failing because the previous manager did not outline any clear objectives for the project. Identify FIVE characteristics of project objectives.
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The following balances have been obtained from the books of Afrika Hospital Sports Club:
| June 30, 20X8 | June 30, 20X9 | |
|---|---|---|
| Cash | 1,204,800 | 1,586,500 |
The following information is also available in respect of the year ended June 30, 20X9:
Payments during the year
| GH¢ | |
|---|---|
| Building | 753,000 |
| Sports Equipment | 442,800 |
| Investments | 436,000 |
There were also a series of general expenses paid.
Membership
The club had 600 members on June 30, 20X9. No new members were admitted during the year but 10 members left the club on January 1, 20X9. Subscription per member is GH¢ 500 per month.
Some members pay subscriptions in advance but others pay late sometimes. The amounts paid in advance and amounts in arrears at each year end were as follows:
| June 30, 20X8 | June 30, 20X9 | |
|---|---|---|
| Advance subscription | 86,000 | 92,000 |
| Subscriptions receivable | 326,000 | 357,000 |
Required:
(a) Calculate the total subscriptions due from the members for the year ending June 30 20X9.
Use a T account (subscriptions account) to calculate the cash received from members and then complete a receipts and payments account identifying the cash paid as general expenses as a balancing figure.
(b) Afrika Hospital is a public sector entity. Identify what you expect its principal aims to be, and explain the importance of financial reporting in this sector, with reference to groups that may use the hospital’s financial reports.
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