The Practice of Bringing Specific Issues to the Attention of Management

question 15

Multiple Choice

The practice of bringing specific issues to the attention of management if they depart from expectation is called __________.

• A) anomaly
• B) management by exception
• C) outlier
• D) fuzzy matching

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Definitions:

Activity Variance

The difference between the budgeted amount of activity (like hours or units) and the actual amount achieved.

Budgeting

The process of creating a plan to spend your money, allowing for the allocation of funds to various areas.

Actual Results

The real financial outcomes achieved by a business over a period, which can be compared against budgeted or forecasted figures for analysis.

Personnel Expenses

Personnel expenses are costs associated with employing staff, including wages, benefits, and taxes.