The First Step to the Control Process Is to _____

question 33

Multiple Choice

The first step to the control process is to _____.

• A) measure actual performance
• B) compare results with objectives
• C) establish performance objectives and standards
• D) take corrective actions
• E) compare results with standards

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Definitions:

Periodic Inventory System

A periodic inventory system is a method of inventory valuation in which physical inventory counts are performed at specific intervals to determine the cost of goods sold and ending inventory.

Ending Inventory

The total value of a company's inventory available at the end of an accounting period, instrumental in calculating the cost of goods sold.