QuestionQuestion 1A sources and uses of funds statement is often called a ____________.liquidity statementnet income/loss statementstatement of assets and liabilitiescash flow statementQuestion 2Information supplied to managers is data that has been ____________.encouragedcollected or obtainedprovidedorganizedQuestion 3Examples of feedforward controls include ____________ controls.diagnostictherapeuticbacklashpreventionQuestion 4Often in organization we use a ____________ as a measure of quality or quantity to monitor people.skill levelemployee productivity measurestandardemployee policyQuestion 5All of the following accounting elements are found on the income statement, except _________.liabilitiesoperating expensesrevenuenet incomeQuestion 6The percentage of an organization’s work force not at work on any given day is ____________.turnoveremployee attendanceemployee behaviorabsenteeismQuestion 7Computer operating systems are a complex array of ____________.personnelprogramsfinancesstatisticsQuestion 8Budgeting requires all of the following except:adjusting goalsnot adjusting goalssetting goalslocating needed fundsQuestion 9Controls that focus on “after the fact” are called ____________ controls.feedbacktherapeuticdiagnosticfeedforwardQuestion 10A(n) ____________ is any guideline or benchmark established as a basis for measurement or point of reference.estimationstandardindicationrule of thumbQuestion 11A highly disciplined process that helps companies focus on developing and delivering near-perfect products and services is:quality control.quality circles.quality assurance.Six Sigma.Question 12The strategic goals and plans made at the top level in an organization are derived from the organization’s:single-use plans.purpose and mission.standing plans.operating employee’s.Question 13A validation process to ensure measurement accuracy and standardization is known as:kaizen.standards.a QA system.quality control.Question 14Which of the following statements about information is not true?Information helps to highlight actual and potential problems.Information helps managers plan and organize operations.Information does not help to create operational plans.Information helps managers properly use their resources.Question 15Many major airports require people and their carry-on, personal belongings to be screened through a metal detection device. This procedure is a concurrent as well as ____________ control.feedforwardfeedbacktherapeuticprocessQuestion 16Any organizational unit that contributes costs, revenues, investments, or profits as part of the company’s total accounting “package” is called a(n) ____________.equity specialistfinancial responsibility centerdebt awareness departmentcontrollerQuestion 17The initial step of the control process is ____________.establishing standardstaking corrective actioncomparing performance to standardsmeasuring performanceQuestion 18A balance sheet consists of three major sections. Which of the following is one of those sections?liabilitiesretained earningsincomecommon stockQuestion 19The concept that measurements provided by the control process will reach the proper decision makers when they are needed is the concept of:integration.concurrent.timeliness.accuracy.Question 20The steps in the control process include the following except:measuring performance.taking corrective action.establishing performance standards.developing standing plans.
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