Control Can Be Defined as

question 95

Multiple Choice

Control can be defined as

• A)the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan.
• B)a quantification of plans, stated in either physical or financial terms, or both.
• C)identification of corporate objectives.
• D)a comprehensive financial plan.

---

Definitions:

Total Materials Costs

The sum of all costs associated with the materials used in the manufacture of a product.

Conversion Costs

The combined costs of direct labor and manufacturing overheads, which are incurred to convert raw materials into finished products.

Manufacturing Costs

Expenses directly related to the production of goods, including raw materials, labor, and factory overhead.

Work in Process

Work in process refers to the goods in production that are not yet completed, representing a stage between raw materials and finished goods.