Question 1

In sequence,the next activity to accomplish in the control process after taking corrective action is to ____________.

Accepted Answer

A) create strategic plans 
B) provide feedback and/or adjustment 
C) establish new expectations 
D) control deviations 
A) create strategic plans 
B) provide feedback and/or adjustment 
C) establish new expectations 
D) control deviations

Question 2

Control costs must be measured against the benefits provided by those controls.This is the concept of:

Accepted Answer

A) concurrent 
B) integration. 
C) timeliness. 
D) economic feasibility. 
A) concurrent 
B) integration. 
C) timeliness. 
D) economic feasibility.

Question 3

Controlling establishes performance standards that are used to measure progress toward goals.

Accepted Answer

A) True 
 B)False

Question 4

Budgeting requires all of the following  except:

Accepted Answer

A) setting goals 
B) locating needed funds 
C) not adjusting goals 
D) adjusting goals 
A) setting goals 
B) locating needed funds 
C) not adjusting goals 
D) adjusting goals

Question 5

The accounting income statement "equation" is expressed as ____________.

Accepted Answer

A) assets + liabilities = equity 
B) income - expenses = profit or loss 
C) revenues - taxes = assets 
D) expenses + debt = equity 
A) assets + liabilities = equity 
B) income - expenses = profit or loss 
C) revenues - taxes = assets 
D) expenses + debt = equity

Question 6

Match the options below with the correct phrases:
-control system

Accepted Answer

A) an area of operations that directly affects the survival of a firm and the success of its most essential activities 
B) feedforward, concurrent, and feedback controls 
C) a control that focuses on results 
D) a guideline or benchmark for measurement 
E) in-process controls (during the "event")
F)a control that prevents defects
G)the process through which standards for the performance of people and processes are applied
H)establishing performance standards, measuring performance, comparing measured performance to established standards, and taking corrective action 
A) an area of operations that directly affects the survival of a firm and the success of its most essential activities 
B) feedforward, concurrent, and feedback controls 
C) a control that focuses on results 
D) a guideline or benchmark for measurement 
E) in-process controls (during the "event")
F)a control that prevents defects
G)the process through which standards for the performance of people and processes are applied
H)establishing performance standards, measuring performance, comparing measured performance to established standards, and taking corrective action

Question 7

Match the options below with the correct phrase:
-balance sheet

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need 
A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 8

Managers that have to "start over" each fiscal period by justifying and identifying all financial resources are using ____________ budgeting.

Accepted Answer

A) flexible 
B) bottom-up 
C) zero-based 
D) expense 
A) flexible 
B) bottom-up 
C) zero-based 
D) expense

Question 9

Income - Expenses = Profit or Loss

Accepted Answer

A) True 
 B)False

Question 10

Match the options below with the correct phrases:
-critical control point

Accepted Answer

A) an area of operations that directly affects the survival of a firm and the success of its most essential activities 
B) feedforward, concurrent, and feedback controls 
C) a control that focuses on results 
D) a guideline or benchmark for measurement 
E) in-process controls (during the "event")
F)a control that prevents defects
G)the process through which standards for the performance of people and processes are applied
H)establishing performance standards, measuring performance, comparing measured performance to established standards, and taking corrective action 
A) an area of operations that directly affects the survival of a firm and the success of its most essential activities 
B) feedforward, concurrent, and feedback controls 
C) a control that focuses on results 
D) a guideline or benchmark for measurement 
E) in-process controls (during the "event")
F)a control that prevents defects
G)the process through which standards for the performance of people and processes are applied
H)establishing performance standards, measuring performance, comparing measured performance to established standards, and taking corrective action

Question 11

Controls do not have to be accepted by the members of an organization to be effective and efficient.

Accepted Answer

A) True 
 B)False

Question 12

Critical control points are all the operations that directly effect the survival of an organization and the success of its most essential activities.

Accepted Answer

A) True 
 B)False

Question 13

Rent and real estate taxes are variable costs associated with operating budgets.

Accepted Answer

A) True 
 B)False

Question 14

The financial difference between the value of an organization's assets and its liabilities is known as ____________.

Accepted Answer

A) equity 
B) sales 
C) expenses 
D) total revenue 
A) equity 
B) sales 
C) expenses 
D) total revenue

Question 15

Feedback controls are known as postperformance controls.

Accepted Answer

A) True 
 B)False

Question 16

Net sales is the revenue from sales minue __________.

Accepted Answer

A) operating expenses 
B) cost of goods sold 
C) taxes 
D) returns and allowances 
A) operating expenses 
B) cost of goods sold 
C) taxes 
D) returns and allowances

Question 17

Match the options below with the correct phrase:
-control technique

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need 
A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 18

Match the options below with the correct phrase:
-budget

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need 
A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 19

Fixed and variable costs are specifically associated with ____________ budgets.

Accepted Answer

A) revenue 
B) capital 
C) cash 
D) expense 
A) revenue 
B) capital 
C) cash 
D) expense

Question 20

A certified external audit includes thorough inspections and analysis of the following  except:

Accepted Answer

A) policies. 
B) procedures. 
C) records. 
D) task forces. 
A) policies. 
B) procedures. 
C) records. 
D) task forces.

In sequence,the next activity to accomplish in the control process after taking corrective action is to ____________.

Control costs must be measured against the benefits provided by those controls.This is the concept of:

Controlling establishes performance standards that are used to measure progress toward goals.

Budgeting requires all of the following except:

The accounting income statement "equation" is expressed as ____________.

Match the options below with the correct phrases: -control system

Match the options below with the correct phrase: -balance sheet

Managers that have to "start over" each fiscal period by justifying and identifying all financial resources are using ____________ budgeting.

Income - Expenses = Profit or Loss

Match the options below with the correct phrases: -critical control point

Controls do not have to be accepted by the members of an organization to be effective and efficient.

Critical control points are all the operations that directly effect the survival of an organization and the success of its most essential activities.

Rent and real estate taxes are variable costs associated with operating budgets.

The financial difference between the value of an organization's assets and its liabilities is known as ____________.

Feedback controls are known as postperformance controls.

Net sales is the revenue from sales minue __________.

Match the options below with the correct phrase: -control technique

Match the options below with the correct phrase: -budget

Fixed and variable costs are specifically associated with ____________ budgets.

A certified external audit includes thorough inspections and analysis of the following except:

Management: An Overview

Management Thought: Past and Present

The Managers Environment

Planning and Strategy

Managements Commitments to Quality and Productivity

Making Decisions

Organizing Principles

Organizational Design, Culture, and Change

Management Ethics and Social Responsibility

Staffing the Workforce

Communication: Interpersonal and Organizational

Human Motivation

Leadership

Team Management and Conflict

Information Management Systems

Filters

Exam 16: Control: Purpose, Process, and Techniques

In sequence,the next activity to accomplish in the control process after taking corrective action is to ____________.

Control costs must be measured against the benefits provided by those controls.This is the concept of:

Controlling establishes performance standards that are used to measure progress toward goals.

Budgeting requires all of the following except:

The accounting income statement "equation" is expressed as ____________.

Match the options below with the correct phrases: -control system

Match the options below with the correct phrase: -balance sheet

Managers that have to "start over" each fiscal period by justifying and identifying all financial resources are using ____________ budgeting.

Income - Expenses = Profit or Loss

Match the options below with the correct phrases: -critical control point

Controls do not have to be accepted by the members of an organization to be effective and efficient.

Critical control points are all the operations that directly effect the survival of an organization and the success of its most essential activities.

Rent and real estate taxes are variable costs associated with operating budgets.

The financial difference between the value of an organization's assets and its liabilities is known as ____________.

Feedback controls are known as postperformance controls.

Net sales is the revenue from sales minue __________.

Match the options below with the correct phrase: -control technique

Match the options below with the correct phrase: -budget

Fixed and variable costs are specifically associated with ____________ budgets.

A certified external audit includes thorough inspections and analysis of the following except:

Management: An Overview

Management Thought: Past and Present

The Managers Environment

Planning and Strategy

Managements Commitments to Quality and Productivity

Making Decisions

Organizing Principles

Organizational Design, Culture, and Change

Management Ethics and Social Responsibility

Staffing the Workforce

Communication: Interpersonal and Organizational

Human Motivation

Leadership

Team Management and Conflict

Information Management Systems

Filters