The Practice of Directing Executive Attention to Important Deviations from Budgeted

question 125

Multiple Choice

The practice of directing executive attention to important deviations from budgeted amounts is called management by:

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

Distinguish between valid, void, and voidable contracts.

Apply the doctrine of promissory estoppel in contractual disputes.

Recognize and differentiate between formal and informal contracts.

Comprehend the role and effect of acceptance, offer, and communication in contract formation.

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Definitions:

Chronological Order

The arrangement of events, dates, or actions in the order that they occurred or will occur, from earliest to latest.

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, used to transfer sums from one account to another.

Transaction Analysis

This is the process of reviewing and analyzing a company's transactions to determine their effects on its financial statements.

IFRS

International Financial Reporting Standards are a set of accounting rules and standards that determine how transactions and other accounting events should be reported in financial statements globally.