The financial planning process for finance managers should include a review of employees, policies, competition, tasks, and budgets to overcome risks and competition.

A. True

B. False

M.C. When choosing a GAAP, there are the seven essential elements to an effective financial system. They are the following,

A.Financial reporting, accounting records and source documentation, internal control, budget control, allowable costs, cash management, and compliance.

B.Financial reporting, accounting records and source documentation, external control, accounts receivable, allowable costs, cash management, and compliance.

C. Audit reporting, accounting records and source documentation, external control, budget control, allowable costs, cash management, and compliance.

Assets are liabilities that will create revenue.

A. True

B. False