The First Step to Take in the Control Process Is

question 33

Multiple Choice

The first step to take in the control process is to:

• A)compare actual performance with standards.
• B)identify activities that need to be performed in order to achieve organizational goals.
• C)develop operational plans.
• D)establish standards by which performance is measured.

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Definitions:

Retrospective Adjustment

A change applied to the accounting records of prior periods to correct an error or implement a change in accounting principle.

Cumulative Effect

The aggregate impact of an accounting change or policy on a company's financial statements over time.

Average Cost

A method for inventory and cost of goods sold valuation, calculated by dividing the total cost by the number of items.

LIFO Method

Last In, First Out method; an inventory valuation technique where the most recently produced items are recorded as sold first.