The Four Steps of the Control Process Are: Establish Performance

question 96

Multiple Choice

The four steps of the control process are: establish performance objectives and standards;measure actual performance;compare actual performance with objectives and standards;and _________.

• A)Take corrective action as needed.
• B)Reap the profits.
• C)Pay for the losses.
• D)Redefine the objectives.
• E)Continue as before.

Construct and interpret charts of accounts numbering systems.

Analyze and correct errors in accounting entries, including those affecting supplies and accounts receivable/payable.

Record business transactions in a two-column journal format, emphasizing the debit and credit system.

Understand the impact of business transactions on the accounting equation.

---

Definitions:

Introduction

The initial stage in the product life cycle where a new product is launched into the market. It involves strategies to build awareness and develop a market for the product.

Promotional Programs

Marketing strategies designed to increase awareness, interest, and sales of a product or service through various incentives and campaigns.

Ultimate Consumer

The end-user or final buyer of a product or service, typically individuals purchasing for personal or household use.

Industrial Distributor

A company that purchases goods directly from manufacturers and sells them to various industrial, commercial, and institutional customers.