The Planning/control Cycle Has Two Control Steps: Control the Direction

question 72

True/False

The planning/control cycle has two control steps: control the direction by comparing results with the plan and control the direction by increasing organization diversity and synergy.

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Definitions:

Beginning Inventory

The value of goods available for sale at the start of an accounting period, before any purchases are added or sales are subtracted.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated before the next period's inventory is added.

Net Income

The net income of a company once all costs and taxes are subtracted from its revenues.