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Exam 16: Managerial Control

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Question 1

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Which of the following is the third major step in the formal control process?

A) Comparing performance with standards
B) Setting standards
C) Taking corrective action
D) Revising standards
E) Measuring performance

F) A) and B)
G) B) and C)

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Question 2

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AllMax Enterprises has begun a new system of allocating costs according to what their employees do,rather than what the company spends.For example,labor expenses are allocated to employee tasks rather than salary and benefits.This practice is referred to as

A) cost accounting.
B) accounting auditing.
C) task accounting.
D) activity-based costing.
E) allocation costing.

F) A) and C)
G) All of the above

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Question 3

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Describe the various criteria that control systems should meet when designed by management.

Which of the following is the second stage in budgetary control?

Which type of control takes place while plans are being carried out?

Explain the two "Siamese Twins" of management.How does this idea relate to the control function of management?

Concurrent control takes place while plans are being carried out.

Feedforward control means that managers monitor their distributors.

A serious mistake for an entrepreneur is to invest too much time in budgeting.

In contrast to market controls,bureaucratic controls involve the use of economic forces to regulate performance.

Bureaucratic control deals with

The __________ is used for areas of the organization that incur expenses but no revenue.

An itemized financial statement of the income and expenses of a company's operations is referred to as the

Scenario C. Suppose you are a middle manager in a biotechnology research firm. The organization has undergone a dramatic transformation over the last few years. Historically, employees had been managed using a wide array of rules, regulations and procedures. Offending employees were punished "after the fact" for their violations. Today, employees are encouraged to make decisions and come up with innovative solutions to problems they discover. Most employees are much more satisfied under the new scenario; they like using their brains. However, you have one employee who is constantly disgruntled and challenges "the new way" at every chance. For example, this employee believes that you should not be his manager because you can't technically perform every job title that you manage. Other than this employee, the group is much more cohesive and is committed not only to the overall success of the organization but to its standards and reputation. -Which of the following types of control system did this organization most likely use in the past?

Traditional methods of accounting such as activity-based costing are still appropriate today.

The control process used while plans are being carried out,including directing,monitoring and fine-tuning activities as they are performed is referred to as

Katrina Calocia is a financial manager at Flavors,Inc. ,a lollipop manufacturer.One of her duties as manager is to provide a budget that shows the anticipated receipts and expenditures of her company.The budget also shows the amount of working capital available and the extent to which outside financing may be required.Katrina produces this budget after all other budget estimates are complete.Which type of budget is Katrina currently working on?

The most common liquidity ratio is current assets to current liabilities,which is also called the

Liabilities are the amounts accruing to the corporation's owners.

When employees feel forced to attempt to "beat the system" their behavior might be classified as