Two of the Key Components of the Control Process Are

question 202

True/False

Two of the key components of the control process are setting clear performance standards and communicating results and deviations to the employees involved.

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Definitions:

Budget Performance Report

A financial report comparing the actual financial activity to the forecasted or budgeted financial performance.

Variances

Differences between planned or expected financial performance and the actual performance.

Budgeted Amounts

Projected financial allocations set for a specific time period, intended to guide spending and investment decisions.

Payroll Costs

The total amount of wages, salaries, and other compensation a business pays to its employees.