Term of the Day

Mission statement

A written declaration of an organization's core purpose and focus that normally remains unchanged over time. Properly crafted mission statements (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and (3) communicate a sense of intended direction to the entire organization.
A mission is different from a vision in that...
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Usage Example
mission statement can be a helpful tool for not just the company overall, but it can also facilitate the focus and productivity of individual employees.
Term of the Day

Asset

Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cashsecurities,accounts receivableinventory, office equipment, real estate, a car, and otherproperty

On a balance sheet, assets are equal to the sum of
From an accounting perspective...
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Usage Example
The company's biggest and most valuable asset is the factory that the company just built to customization.
Thought:
Hours of Senior Management and Board time is spent in putting together a Mission Statement. Is this treated as an Asset? Or Are Mission Statements a Liability?
Notable Quotable
"Creditors have better memories than debtors." 
-Thomas Jefferson
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