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8 Cards in this Set
- Front
- Back
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Control is
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the act of implementing the planning decisions, observing the plans at work, gathering feedback to assess the performance of the plans, determinging corrective action, if any and implementingnecessary correcting measures.
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The perormance report
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is the primary control tool. it compares the actual results to the budgets and lists differences.
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Fexible budgets
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give the costs that shoud be incurred given different levels of production.
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The master budget is usually
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a static budget prepared for an expected level of output.
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Variances
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are differences
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Management by exception
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only significant variances, favorable or unfavorable, are analyzed.
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Standard costs
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are lealistically predetermined costs for direct materials, direct labor, and manufacturing overhead.
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Standard costs are useful for
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preparing operationg budgets, controlling
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