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Organizational culture

The set of important assumptions about the organization and its goals and practices that members of the company share

External audit

An evaluation conducted by one orgaization, such as a CPA firm, on another

Accounting audit

Procedures used to verify accounting reports and statements

Activity-based costing (ABC)

A method of cost accounting designed to identify streams of activity and then to allocate cost accross paticular business processes according to the amount of time employees devote to paticular actvities

Feedback control

Control that focuses on the use of information about previous results to correct deviations from the acceptable standard

Principle of exception

A managerial prinicpal stating that control is by concentrating on the exceptions or significant deviations from the expected result or standard

Assets

The value of various items the company owns

Feedforward control

The control process before operations begin, including policy and procedures, and rules designed to ensure that planned activities are carried out properly

Profit and loss statement

An itimized financial statement of the income and expenses of a company's operation

Balance sheet

A report that shows the financial picture at a company at a given time and itimizes assets, liablities and stockholders equity

Internal audit

A periodic assesment of a company's own planning, orgainizing, leading and controlling processes.

Return on investment (ROI)

A ratio of profit to capital used, or a rate of return from capital

Budgeting

The process of investigating what is being done and compairing the results with the corresponding budget data to verify accomplishmets or remedy the differences. Also called bugetary controlling.

Liabilities

The amounts a corporation owes to various creditors

Standard

Expected performance for a given goal; a target that establishes a desired performance level, motovates performance and serves as a benchmark against which actual performance is assesed

Bureaucratic control

The use of rules and regulations, and authority to guide performance

Mangement audit

An evaluation of the effectiveness and efficiency of various systems within an orgaization

Stockholders equity

The amount accruing to the corporations owners

Clan control

Control based on the norms, values, shared goals, and trust among group members

Mangement myopia

Focusing on short-term earnings and profits at the expense of long-term stratigic obligations

Control

Any process that directs the activities of individuals toward the achievement of organizational goals

Market control

Control based on the use of pricing mechinisms and economic information to regulate activities within organizations

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