________ is the process of setting standards, measuring performance against standards, and taking corrective action to see that planned performance is achieved.
A. Planning
B. Staffing
C. Organizing
D. Controlling
Answer: D
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Financial statements should provide information that is both relevant and reliable. The current model upon which financial statements are based is the historical cost model. Over the past fifty years, however, various individuals and groups have
advocated the implementation of current value models of accounting. One such model represents the amount of cash for which an asset might be sold or a liability might be refinanced, sometimes referred as the current-exit-price approach. The current exit price is generally agreed to correspond (1) to the selling price under conditions of orderly rather than forced liquidation, and (2) to the selling price at the time of measurement. All assets and liabilities are thus revalued at their exit prices at each reporting date. Required: Evaluate the historical cost and current-exit-price models in terms of relevance and reliability.
Which of the following statements is false regarding the process of preparing a sales forecast?
A) It usually starts with last year's level of sales. B) General economic trends are often considered. C) Since it involves estimates of future events, accuracy is of little importance. D) The larger the size and complexity of an organization, the more complex their sales forecasting system will be.
From a population of 500 elements, a sample of 225 elements is selected. It is known that the variance of the population is 900. The standard error of the mean is approximately
A. 1.1022. B. 2. C. 30. D. 1.4847.
Lot sizes and cycle inventory do not affect the flow time of material within the supply chain
Indicate whether the statement is true or false.