Exam 15: The Essentials of Control

_______________ controls track aspects of the organization that aren't immediately financial in nature.

Current liabilities are those coming due in the long term.

What are the major objectives and core principles of lean?

______________ refers to a simple listing of all planned expenses and revenues.

__________________ examines the relationship between specific figures on the financial statements and helps explain their significance.

The ______________ was originally introduced to integrate financial and non-financial controls in a way that provided an understanding of the determinants of firm performance.

Requiring two signatures for checks written on bank and investment accounts is an example of financial ______________.

What is owner's equity?

Organizations often use only one non-financial control with the assumption that it will cascade down to bottom-line financial performance.False: Organizations often use more than one non-financial control with the assumption that they will cascade down to bottom-line financial performance.Hard;Comprehension;Knowledge

________________ are formal investigations to ensure that financial management practices follow generally accepted procedures,policies,laws,and ethical guidelines.

Examples of feedback control include preventive maintenance on machinery and equipment and due diligence on investments.

What are two things that can go wrong when non-financial controls are not linked to the strategy?

How is culture and reputation a cost for organizational control? Although organizations might want to keep track of employee behavior,or otherwise put forms of strict monitoring in place,these efforts can have undesirable cultural consequences in the form of reduced employee loyalty,greater turnover,or damage to the organization's external reputation.Management researchers have criticized theory that assumes that managers cannot be relied upon by shareholders can make managers less reliable.Medium;Comprehension

There is no universal definition of lean and little agreement about what the truly core principles of lean are.

Proactivity,or _______________ control,can be defined as the monitoring of problems in a way that provides their timely prevention,rather than after the fact reaction.

Balance sheets are usually done at the beginning of each month.

Transportation is a cost with no added value.

_____________ in the form of raw materials,work-in-progress or finished goods represents a capital outlay that has not yet produced an income either by the producer or for the consumer.

_____________ controls are generally preferable when just one or two performance measures are good gauges of a business' health.

What are operating expenses? The operating expense is a measurement of all the operating expenses of the business.There are two types of operating expenses: fixed and variable.Easy;Knowledge