L2 Flashcards

1
Q

very much related to another management function, controlling.

A

Planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is about setting the goals of the organization and identifying ways to achieve them.

A

Management planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

This maybe be broken down into

A

long-term plans and short-term plans.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

are in form of budgets and projected financial statements.

A

Quantified plans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

For corporations, long term and short term identify objectives. These has shown in company’s vision and mission statements.

A

Set goals or objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Resources include production capacity, human resources who will operate the operations and financial resources.

A

Identify resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In this step, management must figure out how to achieve an objective.

A

Identify goal related task

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If we identified the task to achieve goals, the next important step to do is to identify which department held accountable for this task.

A

Establish responsibility centers for accountability and timeline.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

For corporations, the management must establish a mechanism to allow plans to monitor.

A

Establish an evaluation system for monitoring and controlling.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

planning contingencies or unforeseen events
must be considered as well.

A

Determine contigency plans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

is a description in quantitative usually monetary terms of desired future result.

A

Budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

is a prediction of the firm’s sales over a specific period, based on external and internal information.

A

Sales budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

is a financial planning related to the units of production that the management think that the business should produce in the upcoming period to match the estimated sales quantity,

A

Production budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

is a statement of the firm that has planned inflows and outflows of cash.

A

Cash budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

a tool of the company to set an overall goal of what the company’s performance and position will be for and as of the end of the year.

A

Projected financial statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

are resources you control that have resulted from past events and can provide you with the future economic benefits

17
Q

your present obligations that have resulted from past events and can require you give up resources when settling them.

A

Liabilities

18
Q

means assets minus liabilities. Other terms for equity are capital, net assets, and net worth.
The above elements are termed

19
Q

because their life or usefulness continues throughout the life of the company.

A

Permanent accounts

20
Q

usually the form used for submission to the government agencies and financial institution such banks.

A

Report form

21
Q

All assets are found on the left side of the account and the liabilities and owner’s equity account are found on the right side of then account.

A

Account form