Explain the differences between planning, directing, and controlling.

Q: Give an example of a corrective control.

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Distinguish between quantitative and qualitative factors in decision making.

A: Qualitative Factor:Qualitative factors are those factors which cannot be expressed in the financial…

Q: Which of the following is not an aspect of action control? Select one: O a. To define objectives O…

A: Action control refers to controlling activities within an organization to achieve the desired…

Q: Define control decisions.

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: Discuss how conceptual and physical systems differ and which functions are responsible for each of…

A: Accounting Information System: The accounting information system refers to a system which helps in…

Q: Look at the definition of “internal control” For each internal control objective, what does it cover…

A: Introduction: Internal control refers to the controlling mechanism and efficiency measurement…

Q: What is meant by the phrase management by exception?

A:

Q: explain the importance of internal control procedures.

A: Internal control: Whatever be kind of control, whether economic or related to the management or any…

Q: Distinguish between narrow and wide span of control. Give an example of tasks appropriate to each…

A: Definition: Space of control: The number of subordinates directly answerable to the employee can…

Q: “As a practical matter, planning and control mean exactly the same thing.” Do you agree? Explain.

A: Introduction:   Planning and controlling are two sides of the coin. Planning is the first step of…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: Discuss why the ROE is the key ratio under management control and how the other ratio effect the…

A: ROE is the net income divided by average equity. The ROE is a very important ratio and helps to…

Q: Describe the critical factor in evaluating whether a performanceobligation is satisfied.

A: Performance Obligation: Performance obligation means a promise to transfer goods or services.

Q: Identify instances for which feedback becomes useless in helping to control activities.

A: Definition: Internal Control: Internal control refers to the plan of a company. Implementation of…

Q: Define and describe what is meant by internal control.

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Contrast the advantages and disadvantages of CASE tools. What should determine whether CASE is used?

A: CASE Tools:   CASE stands for Computer Aided Software Engineering Tools. CASE is used for the…

Q: How can you tell the difference between planning and control decisions

A: The difference between planning and control decisions will be shown:

Q: Describe three criteria you would use to evaluate whether a management control system is effective

A: Management control system:

Q: Identify a major advantage of the FIFO method for purposes of planning and control.

A: First-In First-Out (FIFO): First-in first-out (FIFO) method is the method in which cost are assigned…

Q: Describe the connection between planning feedback, and controlling.

A: The management of the company is the main responsible for preparing the financial statements which…

Q: (a) Explain the terms 'control objectives' and 'control procedures' and explain the relationship…

A: huhn

Q: Differentiate management control from joint control.

A: Control refers to the authority to make important decisions and rule other important activities of…

Q: Distinguish planning decisions from control decisions?

A: Decision Making: Management of the business has to make good decisions for the growth and success of…

Q: How does conformance quality differ from design quality? Explain.

A: Total quality management: Total quality management is a method that eliminates wasteful activities…

Q: COSO to Assess IT Controls

A: Answer:  Internal control is very basic measure to minimize the risk in any organization. In today's…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Define a management control system and identify the issues involved with the design of a successful…

A: Management:   It is a set of activities likes planning, organizing, controlling the human resources…

Q: Differentiate AIS from MIS

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: What are the components of the Control Environment?

A: Control environment refers to the set of policies, processes, standards, and actions of top-level…

Q: Define agency cost or problem

A: Agency problem is that problem which is a conflict of interest in a relationship where one side…

Q: The objectives of internal control are to

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Explain how the formalization of tasks promotes internal control.

A: Internal Control: Internal control involves the norms and standards followed by a company to…

Q: Define agency problems, and describe how they give rise to agency costs.

A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…