Once a Plan Is Implemented, the Control Process

question 45

Multiple Choice

Once a plan is implemented, the control process

• A) ensures that managers follow the pre-existing plan.
• B) should allow the originating manager(s) to keep lower-level managers from making changes.
• C) should be flexible.
• D) should be followed rigidly.
• E) requires top management permission to change.

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Definitions:

Transactions

Financial events that affect an entity's financial statements, involving transfers or exchanges of value between parties.

Undeposited Funds

An account used in accounting to hold funds that have been received but not yet deposited into a bank account.

Customer Payments

The transactions where a customer pays the company for goods or services provided.

Asset Account

An account on a balance sheet representing resources owned by a company with future economic value.