Question : If the deviation is minor, then it should be ignored But if the deviation is Major, then it needs immediate action. Which process of controlling is involved here?
Option 1: Setting performance standard
Option 2: Measurement of actual performance
Option 3: Comparison of actual performance with standard
Option 4: Analysing deviations
Correct Answer: Comparison of actual performance with standard
Solution : The third step into controlling process is to compare the actual performance with the standards. The extent of deviation determines the action to be taken. Hence Option C is correct.
Question : If actual labour costs within an acceptable range of deviation, then it can be ignored. However, If it deviates by 15% then it needs immediate attention of management. Above statement is a part of __________________________.
Question : It measures and compare actual performance with standard fixed in the past. Which relationship does it represents?
Question : It helps to communicate the role of employees well in advance. It motivates them to give better performance. Which importance of controlling is highlighted here?
Question : It aims to improve future performance, based on experience gained in the past. Which relationship does it represents?
Question : Which of the following statement is incorrect for financial planning?
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