Management by ________ Is the Practice of Directing Executive Attention

question 151

Multiple Choice

Management by ________ is the practice of directing executive attention to important deviations from budgeted amounts.

• A)control
• B)objective
• C)exception
• D)analysis

Recognize the principle of ratification and its requirements.

Understand the principles of respondeat superior and the liability it imposes on employers.

Understand the impact of societal norms and technological advancements on personal and collective behavior.

Analyze the transformation of social practices and institutions through historical and contemporary examples.

---

Definitions:

Materials Cost

The expense incurred to obtain materials required for the production of goods or services.

FIFO Process Cost Method

A method of inventory costing that assumes the first units produced or purchased are the first ones used or sold, standing for "First-In, First-Out."

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to customers.

Work In Process

Partially finished goods that are in various stages of production in a manufacturing company's inventory.