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Exam 14: Managerial Control

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Question 41

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________ ratios indicate management's ability to generate a financial return on sales or investment.

A) Liquidity
B) Leverage
C) Net working capital
D) Profitability
E) Current

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

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Question 42

Multiple Choice

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Glynnis, an employee, received an e-mail from an angry client about a certain product. Although it was not Glynnis's fault, she hesitated to report it to her manager because she knew that she would be blamed for it and could even be fired. In this case, which of the following is true of Glynnis's company?

A) The firm's expectations are not established in writing.
B) Employees are unclear about what needs to be achieved.
C) "Shoot the messenger" management exists, implying a lack of control.
D) Reviews are not held periodically.
E) Key data are not measured and reported in a timely manner.

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

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Question 43

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________ are the values of the various items the corporation owns.

Describe the three broad strategies for achieving organizational control.

Briefly describe market controls at the corporate level.

________ control is based on the norms, values, shared goals, and trust among group members.

"I have to help my operations manager reduce expenses," said Oliver, "but my expense categories-salaries, fringes, supplies, and fixed costs-are too general to give me guidance." Candice, his accounting supervisor, said, "Let me show you a different approach, so that you can develop data that will identify areas for expense reduction. I suggest that you use ________. It will identify streams of activity to which you can then allocate costs across particular business processes according to the time employees devote to those activities."

The six sigma approach is based on a(n) ________ that contribute(s) to customer satisfaction.

External audits are used for

A ________ refers to a control system combining four sets of performance measures: financial, customer, business process, and learning and growth.

During challenging times when resources are limited and budgets need to be stretched, ________ control becomes crucial for survival.

Traditional cost accounting

A ________ is a liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.

A(n) ________ price is internally charged by one organizational unit for a good or service that it supplies to another unit.

In his new employee orientation training, Fabian heard Meredith, his new accounting supervisor, explain, "At Williams Corporation, we do not use traditional cost accounting. Rather, we use activity-based costing, or ABC. According to ABC, we ________ costs according to what our employees do, rather than what the company spends."

Why are control systems based solely on bureaucratic and market mechanisms insufficient for directing today's workforce?

Policies restricting workplace romantic involvement, tattoos and body art, and public disclosure of corporate information are examples of ________ control.

________ behavior occurs when employees feel forced to attempt to "beat the system."

Create a comparative balance sheet.

The chief financial officer (CFO) upholds conflicting interests and provides unofficial sanction to the final budget.