How should a responsibility report be prepared to support the practice of management by exception?
What will be an ideal response?
Answers will vary
Responsibility reports commonly show both budgeted and actual revenues and expenses and differences between budgeted and actual revenues (variances). Variances are used in management by exception in order to allow a manager to identify the items that appear to be out of control and in need of investigation. The reports should be prepared at a level of detail that supports management by exception. If there is too much detail, managers may not note the items where actual results are substantially different from expectations.
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Which of the following is not a timing difference that would cause pretax financial accounting income to differ from taxable income?
A) Investment revenue is recognized under the equity method for financial reporting purposes but in a later period as dividends are received for income tax purposes. B) Life insurance proceeds are received by a corporation upon the death of an insured employee of the corporation. C) Rent received in advance is taxable when received but is not reported as revenue for financial reporting purposes until the service has actually been provided. D) MACRS depreciation is used for income tax purposes, and straight-line depreciation is used for financial reporting purposes.
Specific identification is a very popular inventory method because it is very easy to apply
Indicate whether the statement is true or false
Which of the following is not true about India, according to the text?
A. India has 150 to 200 million people who are completely fluent in spoken English. B. India has 300 million people 20 to 34 years of age. C. India has 6.1 students in college, versus only 3.4 million college students in China. D. India has a total population of 1.27 billion people, the third largest in the world. E. India generates 13 percent of its GDP from the manufacturing sector, versus 30 percent for China.
Which of the following is not one of the named adaptive leader behaviors in the model?
A. get on the balcony B. provide a holding environment C. identify adaptive challenges D. regulate distress