Answer the following statements true (T) or false (F)
1. Deadlines can help one concentrate the mind, in order to make decisions rather than put them off.
2. In the planning/control cycle, part of the control process can be to improve future plans.
3. The planning/control cycle has three planning steps and three control steps.
4. In the planning/control cycle, comparing the results with the plan is one of the control steps.
1. TRUE
Deadlines can help you keep your eye on the "big picture" while simultaneously paying attention to the details that will help you realize the big picture. Deadlines can help concentrate the mind, so that you make quick decisions rather than put them off.
2. TRUE
In the planning/control cycle, controlling the direction of planning can be accomplished by taking corrective action in two ways: by correcting deviations in the plan being carried out, or by improving future plans.
3. FALSE
The planning/control cycle has two planning steps and two control steps.
4. TRUE
The two control steps are (1) control the direction by comparing the results with the plan; and (2) control the direction by correcting deviations or improving future plans
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Which internally generated document should be compared to the supplier's invoice to verify the price of an item?
Top management can preserve the autonomy of division managers and encourage an optimal level of internal transactions by
a. selecting performance evaluation measures that are consistent with the achievement of overall corporate goals. b. selecting division managers who are most concerned about their individual performance. c. prescribing transfer prices between segments. d. setting up all organizational units as revenue centers.
Which of the following would probably be a fixed cost in a fast-food restaurant?
A) cost of hamburger B) cost of french fries C) shift manager's salary D) utility cost
The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.
Answer the following statement true (T) or false (F)