Controlling

Question 1

Process of measuring performance against established standards

Systematic effort to regulate organizational activities that ensures they are processing as planned

A fundamental function that involves monitoring, evaluating and regulating activities

Answer 1

Controlling

Question 2

4 components of controlling

Answer 2

• Establishing standards
• Measuring performance
• Comparing performance and standards
• Taking corrective action

Question 3

Controlling begins with setting clear and measurable standards against which performance can be assessed

Answer 3

Establishing standards

Question 4

Standards can be

Answer 4

qualitative or quantitative

Question 5

deal with numbers. They measure things you can count, calculate, or measure, like speed, weight, time, or how many items are made.

Answer 5

quantitative standards

Question 6

They measure how good something is, based on opinions, descriptions, or satisfaction levels.

Answer 6

qualitative standards

Question 7

standards may relate to various aspects of the organization like quality, time, cost, or customer satisfaction

Answer 7

establishing standards

Question 8

Involves collecting data and information through various means such as reports, key performance indicators, and performance evaluation

Once the standard are set, the next step is to _____ actual _____ bagainst these standards

Answer 8

Measuring performance

Question 9

The gathered data are then compared to the established standards

Answer 9

Comparing performance and standards

Question 10

variance between actual and expected performance are the analyze

Answer 10

comparing performance and standards

Question 11

If significant variances are detected, organizations must take _____. This may involve adjusting processes

Answer 11

Taking corrective action

Question 12

this may involve adjusting processes, reallocating resources, providing additional training, or revising goals and plans

Answer 12

taking corrective action

Question 13

3 Methods of controlling

Answer 13

Feedforward control
Concurrent control
Feedback control

Question 14

Anticipating potential problems before they occur

proactive approach aims to identify and address issues before they impact performance

Answer 14

Feedforward control

Question 15

Monitoring and regulating activities as they occur

allow immediate adjustments ensuring activities stay on course

Answer 15

Concurrent control

Question 16

Involves monitoring after they have been completed

providing response and making adjustments as necessary

Answer 16

Feedback control

Question 17

Inputs > conversion process > outputs

Answer 17

Feedforward control > Concurrent control > feedback control

Question 18

Critical documents that provide a snapshot of a company’s financial performance and position at a specific point in time

Answer 18

Financial statements

Question 19

these statements are essential tools for various stakeholders, including investors, creditors, management, and regulators, to assess financial health and viability of an organization

Answer 19

Financial statements

Question 20

Types of financial statements

Answer 20

Balance sheet
Income statements

Question 21

statement of financial position

Answer 21

balance sheet

Question 22

profit and loss statement

Answer 22

income statement

Question 23

showcase financial position by illustrating what the company owns and owes

Answer 23

balance sheet

Question 24

Presents a snapshot of a company’s assets, liabilities, and equity.

Answer 24

Balance sheet

Question 25

Three major parts of balance sheet

Answer 25

Assets Liabilities Owner's equity

Question 26

Resources owned by the company, including tangible assets like property and equipment, as well as intangible assets like patents and trademark

Answer 26

Assets

Question 27

Represents obligations or debts by the company to external parties including loans, accounts payable, and accrued _____

Answer 27

Liabilities

Question 28

Residual interest in the assets of the entity after deducting liabilities. includes common stock, retained earnings, and additional paid-in capital

Answer 28

Equity

Question 29

Reports an organization's revenues, expenses and net income or loss over specific period

Answer 29

Income statement

Question 30

provides insights into the profitability of the business

Answer 30

income statement

Question 31

Three main part of income statement

Answer 31

Revenue Expenses Net income

Question 32

Represents the total income generated by the company from its primary operation

Answer 32

Revenue

Question 33

Include costs associated with running the business, such as operating _____, ibterest, and taxes

Answer 33

Expenses

Question 34

refers to the amount an individual or business makes after deducting cost, allowances

Answer 34

net income