21) ________ includes reporting and interpreting information that helps managers to focus on operating problems, imperfections, inefficiencies, and opportunities.
22) Measuring and evaluating performance, and providing feedback are aspects of
B) information gathering.
C) problem identification.
D) record keeping.
23) Preparation of a monthly report comparing the actual phone bill with the expected phone costs would be classified as
A) problem identification.
E) information gathering.
24) A report showing the actual financial results for a period compared to the budgeted financial results for that same period would most likely be called a
A) strategic plan.
B) management forecast.
C) performance report.
D) revised plan.
E) comparative income statement.
25) The process of preparing a budget
A) enhances coordination and communication across business functions.
B) increases accounting efficiencies.
C) reduces overcapacity.
D) promotes production automation.
E) enhances coordination and communication external to the value chain.
26) Control measures should
A) be set and not changed until the next budget cycle.
B) be flexible to allow for employees who are slackers.
C) be kept confidential from employees so that competitors don’t have an opportunity to gain a competitive advantage.
D) be linked by feedback to planning.
E) provide continuous feedback.
27) Most organizations exist in a changing environment and, therefore, depend greatly on various types of feedback to adjust to the changes. Give four uses of feedback and provide examples of how each is used.