Answer:
true.
Explanation:
This statement is correct, as it is in the planning stage when organizational management defines its objectives and goals and action plans to achieve them.
The strategic planning of a company is one of the most important steps for the organization, it comprises the long term in the organization, so it must be well structured, contain the organizational mission, vision and values that will identify the organization in the market and help in achieving the goals and objectives.
The course of action defined in the planning must be constantly monitored and revised when necessary, as it is through this planning that a company becomes well positioned, competitive and profitable in the market in which it operates.
Answer: Current asset
Explanation: In simple words, current asset refers to those assets of the organisation which are expected to be used and converted into cash within a period of one year.
These assets are usually purchased or prepared by the organisation to efficiently conduct their operating activities. Such assets are generally consumed within the process in which they are expected to be used.
Inventory, cash and accounts receivable ear some of the many examples of current assets. In the given case, the prepaid policy will also be consumed within a year.
Hence we can conclude that the policy is a current asset.
Answer:
Does she recognize income on the liquidation?
Yes, she must recognize the difference between the policy's surrender value and the total premiums paid = $42,042 - $33,852 = $8,190 must be recognized as income.
Does she recognize income on the liquidation?
No, she doesn't have to pay any taxes. Payments to terminally ill policy holders are treated in the same way as death benefits.