Once Managers Have Chosen the Standards to Evaluate Performance, the Next

question 25

Multiple Choice

Once managers have chosen the standards to evaluate performance, the next step in the control process is to

• A)compare actual performance against chosen standards of performance.
• B)initiate corrective action if the chosen standard is not being achieved.
• C)measure actual performance.
• D)evaluate the results of comparison.
• E)revise performance standards.

---

Definitions:

Endorsement

Signing one's name on the back of a check or other document, authorizing its transfer or acceptance, or the act of publicly supporting a product, service, or candidate.

Cash Receipts

The collection of money, including coins, notes, and electronic payments, received by a business during a given period.

Restricted Cash

Funds that are reserved for a specific purpose and cannot be used for general corporate purposes.

Separately Reported

Financial items or activities that are shown distinctly in financial statements to provide clarity and understanding of a company's financial position.