The First Step to Take in the Control Process Is

question 33

Multiple Choice

The first step to take in the control process is to:

• A)compare actual performance with standards.
• B)identify activities that need to be performed in order to achieve organizational goals.
• C)develop operational plans.
• D)establish standards by which performance is measured.

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Definitions:

Payback Period

The duration required for an investment to produce sufficient cash flow to recoup its original expense.

Depreciates

The process of allocating the cost of tangible assets over their useful lives, reflecting the decrease in value over time.

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Required Rate

A specific rate of return or interest rate required by investors or lenders to compensate for the risk of an investment or loan.