Which of the following is the second major step in a typical control system?
A) measuring performance
B) setting performance standards
C) developing values
D) comparing performance with standards
E) determining deviations
A) measuring performance
A typical control system has four major steps: setting performance standards, measuring performance, comparing performance against the standards and determining deviations, and taking action to correct problems and reinforce successes.
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The statement of ____________________ explains changes in the components of owners' equity during the period
Fill in the blank(s) with correct word
Electronic authorization privileges for cash transactions may be best assigned to individuals based on which of the following?
a. Roles and activities falling within appropriate segregation of duties. b. Identification cards with picture identification. c. Encrypted passwords memorized by employees. d. The principle of "absolute knowledge".
Focusing the ability can secure a competitive edge but also carries some risks that could be detrimental to the focused firm, such as
A. the likelihood that a focused company will become so cost inefficient it will achieve excessive profits. B. the potential for technological advances to favor only low-cost providers. C. the potential for the preferences and needs of niche members to shift over time toward mainstream provider product attributes. D. the likelihood that a focused company will become so cost efficient it will achieve excessive profits. E. the potential for the niche to become so attractive it will not attract new competitors thereby providing excessive market segment profits.
Lori and her friends burn an American flag as an act of political protest. Lori is arrested for violating a state law that prohibits flag burning. The Supreme Court has ruled that laws making it illegal to burn an American flag:
a. are void because they deny a person due process rights. b. are void because a state court has no power to prosecute a person for burning the federal flag. c. are void because they violate a person's right to freedom of speech. d. are valid.