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Explain the processes of internal and external audits.

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Management audits evaluate the effective...

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A division manager whispered to his peer as they left the monthly executive meeting, "Our new CEO is going to play hardball. Any of us whose division is performing with significant negative deviation from the established budget is going to get a lot of her concentrated attention." "What do you expect?" countered Saif. "She told us in our meeting that she would be using ________ as part of her control system."


A) the balance sheet
B) management myopia
C) our employment relationship
D) the principle of exception
E) the balance scorecard

F) B) and D)
G) B) and E)

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Carlos was new to his organization but quickly noticed a pattern at the annual budgeting session. Mid-level managers were asking for unrealistically high budgets, while top management was attempting to request budgets under last year's actual expenditures. Both parties were using strategies that are referred to as


A) budget breakdowns.
B) bureaucratic budgeting.
C) budget resistance.
D) tactical behaviors.
E) rigid behaviors.

F) None of the above
G) All of the above

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Greg is the finance manager of Magical Messages Corp. a communication and information technology corporation. His department is working on enforcing some financial controls on the organization. Greg assigns different tasks to his team members. Stacey's task is to give him a present financial picture of the company. Pete's task is to give him the values of various items the company owns. Julio's task is to give him a report on the amount the company owes to various creditors. Finally, Gretchen's task is to prepare a report on the amount accruing to the corporation's owners. On which of the following would Stacey be working?


A) balance sheet
B) assets
C) liabilities
D) stockholders' equity
E) profit and loss statement

F) A) and E)
G) A) and D)

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Before you can measure performance, what must you do?


A) evaluate employees
B) improve performance
C) set performance standards
D) analyze market conditions
E) experiment with methods

F) A) and E)
G) None of the above

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Control is defined as


A) the function that concentrates on the significant deviations from the expected result or standard.
B) an itemized financial statement of the income and expenses of a company's operations.
C) valid performance standards that are expressed in quantitative terms.
D) the manipulation of information or the reporting of false performance data to beat the system.
E) any process that directs the activities of individuals toward the achievement of organizational goals.

F) D) and E)
G) A) and D)

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Which of the following is a commonly used source for obtaining performance data?


A) competitors
B) the human resource department
C) written reports
D) upper management
E) technical analysts from outside the company

F) B) and C)
G) C) and D)

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C

Synthesis Products is a corporation that produces material for wallboard and other applications. They are a hierarchical organization, with a strict chain of command culture and a strict set of rules and regulations. They track a large amount of data using statistical techniques, and they use this data to regulate behavior and results. Synthesis Products follows a ________ control system.


A) bureaucratic
B) market
C) clan
D) feedforward
E) concurrent

F) B) and D)
G) B) and C)

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Which of the following controls takes place before operations begin?


A) feedback control
B) clan control
C) initial control
D) feedforward control
E) concurrent control

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

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Danica leads a financial consulting firm. She used to have a set of resources and a list of ten guidelines for her employees to follow, based on her investing expertise. Over the past decade, she has had to hire many people to create digital content and run her IT and social media departments. Most of her employees now do nothing related to financial consulting but perform other tasks that are foreign to Danica. What should Danica do?


A) return to school to gain expertise in various aspects of technology
B) give up control of her company to the employees, who obviously know more
C) eliminate technology from her business and do things the old way
D) hire a technology expert to help her draft a new list of ten procedures
E) empower her employees to direct their own work in ways that meet her standards

F) C) and E)
G) None of the above

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Discuss the downside of bureaucratic control and describe an example of rigid bureaucratic behavior.

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Student answers and examples will vary b...

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Briefly describe market control at the corporate level, business unit level, and individual level.

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Large, diversified companies use market ...

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The activity-based costing system


A) is the most appropriate method of cost accounting for rigid hierarchical organizations.
B) effectively departmentalizes an organization based on its core functions, such as human resources and maintenance.
C) provides a more accurate picture of how costs should be charged to products and services.
D) assumes that organizations are bureaucratic "machines" that can be separated into component functions.
E) fails to allocate costs across business processes and is less effective than traditional methods of cost accounting.

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

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An important purpose of external audits is to


A) assess what a company has done for itself.
B) evaluate production efficiency.
C) evaluate sales effectiveness.
D) investigate possible targets for mergers or acquisitions.
E) assess what a company has done for its customers.

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

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D

Greg is the finance manager of Magical Messages Corp. a communication and information technology corporation. His department is working on enforcing some financial controls on the organization. Greg assigns different tasks to his team members. Stacey's task is to give him a present financial picture of the company. Pete's task is to give him the values of various items the company owns. Julio's task is to give him a report on the amount the company owes to various creditors. Finally, Gretchen's task is to prepare a report on the amount accruing to the corporation's owners. On which of the following would Pete be working?


A) balance sheet
B) assets
C) liabilities
D) stockholders' equity
E) profit and loss statement

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

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Which of the following statements about six sigma is true?


A) Six sigma was developed at the Ford Company during the 1970s.
B) The lower the sigma number, the lower the level of defects.
C) Six sigma is designed only to reduce product defects.
D) Six sigma indicates how often defects in a process are likely to occur.
E) Six sigma always improves the bottom line.

F) B) and D)
G) All of the above

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D

Greg is the finance manager of Magical Messages Corp. a communication and information technology corporation. His department is working on enforcing some financial controls on the organization. Greg assigns different tasks to his team members. Stacey's task is to give him a present financial picture of the company. Pete's task is to give him the values of various items the company owns. Julio's task is to give him a report on the amount the company owes to various creditors. Finally, Gretchen's task is to prepare a report on the amount accruing to the corporation's owners. On which of the following will Gretchen be working?


A) balance sheet
B) assets
C) liabilities
D) stockholders' equity
E) profit and loss statement

F) C) and D)
G) A) and D)

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At Key Agricultural Supply Co., all assembly workers must wear specialized gear to reduce possible injuries from minute particles in the manufacturing environment. This requirement best reflects ________ control.


A) feedback
B) proactive
C) feedforward
D) reactive
E) concurrent

F) C) and D)
G) C) and E)

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Mobley thought, "I'm not surprised that the corporate office canceled our funding. Costs had spiraled upward, and unanticipated technical problems had cropped up. We just didn't keep our eye on the ball, even though we had a great plan and sound strategies. Fundamentally, we lacked an effective means of control to ensure that


A) our marketing strategies were reflective of the old product."
B) employees took steps to solve problems."
C) the plans were carried out."
D) management was creative."
E) communication was clear."

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

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According to the principle of exception, which deviations from the expected standard require corrective action?


A) the most common deviations
B) most of the deviations
C) the most significant deviations
D) any and all deviations
E) no type of deviation

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

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Showing 1 - 20 of 127

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