Control Systems Can Help Managers Evaluate How Efficiently They Are

question 61

True/False

Control systems can help managers evaluate how efficiently they are producing goods and services.

Recognizing the importance of professional honesty, openness, and informed consent as preventative measures against malpractice.

Understand various motivation theories and their key concepts.

Discern between different drives and needs within motivation theories.

Apply principles of Expectancy Theory to organizational settings.

---

Definitions:

Cost of Goods Sold

Cost of Goods Sold (COGS) refers to the direct costs attributable to the production of the goods sold in a company.

Periodic Inventory System

An inventory accounting system where updates are made at intervals, such as monthly or annually, rather than continuously.

FIFO

"First In, First Out," an inventory valuation method where goods first acquired are the first sold or used, affecting cost of goods sold and inventory value.

LIFO

An inventory valuation method that assumes the last items of inventory purchased are the first ones sold ("Last In, First Out").