CONTROLLING

Question 1

helps check errors,
• take action so that
• deviation from standards are minimized stated goals of firms are achieved in desired manner.

Answer 1

Controlling

Question 2

This helps to increase efficiency & decrease costs. Control factor used for this purpose are: (motion & time studies, inspection, written procedures & production schedules

Answer 2

Control Used to Standardize performance

Question 3

Company Assets The assets of a company must be protected from theft, vandalism, wastage and misuse. An adequate record keeping, custodial & maintenance activities serves as control mechanism

Answer 3

Control Used to safeguard

Question 4

These help to maintain the specified quality level of products.
- Examples include blueprints, inspection and statistical quality control methods

Answer 4

Controls used to Standardize quality

Question 5

• Manuals, procedures, policy statements and internal audit are some examples of this category

Answer 5

Controls Designed to set limit within which delegated authority can be exercised without further top management approval

Question 6

Special performance- reports, output data, performance appraisals and internal audits are typical examples.

Answer 6

Controls Used to Measure Job

Question 7

• This type of controls include sales and production forecasts, budgets, cost standards and standards for work measurement.

Answer 7

Controls Used for Planning & Programming
Operations

Question 8

• Master budget, policy & organizations manuals, committee approaches and the use of outside consultants come into this category.

Answer 8

Controls Necessary to allow lop Mgmt. Keep Firm’s Plans and Programs balance

Question 9

Such controls would involve methods of recognizing achievement through
promotions, awards and so on

Answer 9

Controls Designed to motivate individuals

Question 10

• responsibilities for each manager are identified and accounting records are designed to suit these responsibilities

Answer 10

Responsibility accounting

Question 11

• is issued to determine the most economic level of inventory.

Answer 11

Economic order quantity

Question 12

when inventory is received, people in the receiving department check the number and quality of the inventory and compare it with others

Answer 12

Maintenance of inventory

Question 13

deals with setting up quality standards in advance in such areas, such as physical characteristics, composition of the products, weight, size, color, strength, and performance, and compare with actual standards.

Answer 13

Quality control

Question 14

is the backbone of any production system.

Answer 14

Production control

Question 15

is an essential sequence of a business operation

Answer 15

Inventory control

Question 16

is issued to determine the most economic level of inventory.

Answer 16

Economic Order Quantity (EOQ)