Chapter 1 Cost Accounting Has Purpose 1) A ________ helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity. A) mission statement B) strategic plan C) SWOT analysis D) vision Answer: B Explanation: A strategic plan helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity. Diff: 2 LO: 1 Bloom: K AACSB: Analytic AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge. 2) An organization's strategic plan includes its why, where and how for its purpose represented by A) opportunities, strengths and weaknesses. B) opportunities, strengths, and mission. C) mission, vision, and strategy. D) mission, strengths, and strategy. Answer: C Explanation: An organization's strategic plan includes its why, where, and how for its purpose represented by mission, vision, and strategy. Diff: 2 LO: 1 Bloom: K AACSB: Analytic AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.