Exam 14: The Essentials of Control

The income/profit and loss statement represents the relation of income and expenses for the life of the firm.

_____________ expenses are those expenses that do not vary with the level of sales, thus, you will have to cover these expenses even if the sales are less than the expenses.

Controls can cost the organization through

How are financial controls executed?

_______________ controls track aspects of the organization that are not immediately financial in nature.

The advantage of breaking out sales and cost of goods sold/sales into separate categories over combining all sales and costs into one category is that this

Research suggests that up to ___________ of manufacturing firms are using some form of lean in their business.

An example of _____________ financial costs is paying for an accountant who conducts an audit for the organization.

The _____________ portion of the income/P&L statement tells the difference between what you sold the product or service for and what the product or service cost you.

The feedback control is the most proactive of controls, and is generally a basis for reactions.

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

What is the Malcolm Baldrige Performance Excellence Program Award?

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

Why will "lean" always be associated with Toyota Motor Corporation

An example of fixed assets is

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

A core principle of lean which means continuous improvement is expressed by the word(s):

What is owner's equity

Producing at the ________ of actual customer demand is a key principle of lean.

In the lean world, ___________ means any activity or condition that consumes resources but creates no value for customers.