Successful business organizations have clearly defined long-range goals and a well-planned strategy to reach them. These organizations understand the markets in which they operate as well as their own internal strengths and weaknesses. They grow through internal development or acquisitions in a consistent and disciplined manner.
(a) Discuss the need for long-range goals in business organizations.
(b) Discuss how long-range goals are established.
(c) Define strategic planning and management control. Discuss how they relate to each other and contribute to the attainment of long-range goals.
(d) How does management accounting help a firm in accomplishing its long-range goals? (CMA, adapted)