How can you tell the difference between planning and control decisions

Q: Should the decision-making process be top-down (centralized with top administrators) or…

A: The decision-making process be top-down is much better than the bottom up for the following reasons:…

Q: Define control decisions.

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

Q: What does Vouching test?

A: Vouching is the process that involves reviewing of original evidence to check whether the…

Q: How does the decision-maker use the scenario analysis?

A: Scenario analysis helps investors and analysts in making better decisions.

Q: Explain what is Make-or-Buy Decision?

A: Decision making: It is a vital capacity in the management, since decision making is identified with…

Q: Which method you would advise the management to use and why?

A: Inventory refers to finished goods ready for sale or the goods which are used in production process.…

Q: what is control risk

A:

Q: What is another name for tactical planning?

A: Tactical planning is referred as the planning which involves the operations, initiatives and actions…

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: Decision makers vary widely in the types of decisions they make, the methods of decision making they…

A: The concept that financial information should be presented so that a reader can easily comprehend it…

Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: Can responsibility be delegated? Explain?

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

Q: In your own words, why do we need control plans?

A: Control plan is a document that states the measures to maintain the quality of the products. It…

Q: analysis needed

A: Risk Analysis is a process that helps you identify and manage potential problems that could…

Q: king capabilities, which type of report do you think is generally more important—scheduled reports…

A: Financial Statements or Reports: Financial statements are considered as a summary of the events that…

Q: What is decision-making? What are the factors that influence individual decision-making?

A: Decision making: The ability to make a decision regarding a project, employee, and organizations it…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: What is the risk of assessing Control Risk too low?

A: Definition:   Tests of controls: Tests of controls form the part of audit procedures to be…

Q: List the common biases and errors in decision-making. Provide suggestions for how to avoid falling…

A: There are many errors and biases inn decision making such as.1.Overconfidence Bias2.Anchoring…

Q: Define control risk and detection risk. What is the difference between control risk and detection…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: Is a good strategic plan detail-oriented?

A:

Q: Discuss the objectives of the risk management process. Why should you follow a regimented and well…

A: Risk management is a strategy for preventing and controlling dangers to a company's operations. It…

Q: What is an opportunity cost and why should it be included when making decisions?

A: Opportunity costs is the costs of next best alternative foregone by accepting current alternative.…

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: Explain the differences between planning, directing, and controlling.

A: Planning: It means thinking in advance what to do, when to do and how the actions would take place…

Q: How are Sensitivty Analysis and Scenario Analysis different in details?

A: Sensitivity analysis is the evaluation of the impact on the project when there may be a few…

Q: Explain the specific relationship between risk and reward and why this relationship must be true.

A: Risk refers to probability for loss of investment value by an investor whereas Reward refers to…

Q: Should standards be used to identify whom to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: What is the importance of Responsibility Accounting?

A: Responsibility accounting is an essential thought of accounting execution assessment structures. The…

Q: What is objective risk

A: Risk means the possibility of happening loss. Risk is directly related to the loss. If the amount of…

Q: Should standards be used to identify who to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: Define the Make-or-Buy Decision?

A: A make or buy decision is to choose whether to manufacture the produce in-house or purchase it from…

Q: What issues should managers consider when making capitalstructure decisions?

A: Introduction: Capital structure is nothing but the debt and securities that are included in the…

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

A: huhn

Q: Please use an example to explain the opportunity-cost concept and why it is used in decision-making.

A: Opportunity Cost - It is the value of best alternative when a particular decision was made by higher…

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: What is the decision rule for ARR?

A: Accounting rate of return refers to rate of profit earned on an investment. The ARR is computed by…

Q: Are you able to differentiate between risks that are inherent and those that can be controlled?

A: Inherent risk- A material mis-statement that occurs due to error or due to omission  in the…