CONTROL #1
Procedures used to verify accounting reports and statements.
What are Accounting Audits?
The values of the various items the corporation owns.
What are Assets?
Procedures used to verify accounting reports and statements.
What are Accounting Audits?
Any process that directs the activities of individuals toward the achievement of organizational goals.
What is Control?
The amounts a corporation owes to various creditors.
What are Liabilities?
The use of rules, regulations, and authority to guide performance.
What is Bureaucratic Control?
Control based on the norms, values, shared goals, and trust among group members.
What is Clan Control?
An evaluation conducted by one organization, such as a CPA firm, on another.
What is an External Audit?
A periodic assessment of a company’s own planning, organizing, leading, and controlling processes.
What is an Internal Audit?
Evaluations of the effectiveness and efficiency of various systems within an organization.
What is a Management Audit?
A leverage ratio that indicates the company’s ability to meet its long-term financial obligations.
What is Debt-equity Ratio?
Control based on the use of pricing mechanisms and economic information to regulate activities within organizations.
What is Market Control?
An itemized financial statement of the income and expenses of a company’s operations.
What is a Profit and Loss Statement?
A ratio of profit to capital used, or a rate of return from capital.
What is a Return on investment (ROI)?
A company’s financial performance, environmental impact, and impact on people in the company and the communities where it operates.
What is a Triple Bottom Line?
A managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result or standard
What is Principle of Exception?
Control that focuses on the use of information about previous results to correct deviations from the acceptable standard.
What is Feedback Control?
The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed.
What is Concurrent Control?
Control system combining four sets of performance measures: financial, customer satisfaction, business processes, and learning and growth.
What is a Balanced Scorecard?
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders’ equity.
What is a Balance Sheet?
A method of cost accounting designed to identify streams of activity and then allocate costs across particular business processes according to the time employees devote to particular activities.
What is Activity-based costing (ABC)?
The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling.
What is Budgeting?
A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.
What is Current Ratio?
The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly.
What is Feedforward Control?
Expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed.
What are Standards?