List the Objectives of Internal Control and Give an Example

question 14

Essay

List the objectives of internal control and give an example of how each is implemented.

Evaluate the financial implications of failing to meet target activity levels.

Determine and interpret fixed manufacturing overhead budget and volume variances.

Apply standard cost systems to calculate applied manufacturing overhead.

Calculate and analyze the variable component of predetermined overhead rates.

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Definitions:

Application Blanks

Standardized forms used by organizations to collect information from applicants, focusing on their background, work history, and qualifications.

Organizational Development (OD)

A field of research, theory, and practice dedicated to expanding the knowledge and effectiveness of people to accomplish more successful organizational change and performance.

Inclination

A person's natural tendency or urge to act or feel in a particular way; a disposition or propensity.

Similarity Error

A similarity error occurs when the interviewer is unduly influenced by the fact that the interviewee is similar to the interviewer in one or more important ways. As a result of the perception of similarity, the interviewer may be more favorably disposed toward the candidate than the candidate’s credentials warrant.