Exam 14: The Essentials of Control

Those assets that are cash or can be readily converted to cash in the short term are called ______________.

Operating controls allow managers to step back and look at the big picture and make sure all the pieces of the picture are correctly aligned.

The _______________ section of the P&L statement is a measurement of all the operating expenses.

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

Monitoring problems in a way that provides their timely prevention rather than after the fact reaction refers to ______________.

Those assets that are not easily converted to cash in the short term are referred to as ?????________________.

In the case of intangible assets, ___________ means the value of intangible assets minus amortization.

How can good controls help an organization be efficient and effective?

Proactive managers plan ahead for the problems the business is likely to encounter and the opportunities that may arise by preparing ___________ financials.

The net income portion of the P&L statement is the bottom line and is a measure of a firm's ability to operate at a profit.

With the scorecard and strategy map in hand, managers break broad goals down into

How is culture and reputation a cost for organizational control?

When properly designed, organizational control should lead to better performance because an organization is able to execute its ______________ better.

What is balanced scorecard

Whereas the scorecard identifies financial and non-financial areas of performance, the second step in the scorecard process is the development of a ______________.

The sales or ______________ portion of the income statement is where the retail price of the product is expressed in terms of dollars times the number of units sold

The _______________ statement is the detail of cash received and cash expended for each month of the year.

_____________ 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.

The cost of goods sold/sales portion of the income statement shows the cost of products purchased for resale, or the direct labor cost for service.

The portion of a bank note that is not payable in the coming year is short-term debt.