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Definition of Budgetary control
The process of ensuring that actual financial results are in line with targets – see variance
A method of budgetary control that flexes, i.e. adjusts the original budget by applying standard
A method of budgetary control that compares actual performance against plan, investigates the causes of the variance and takes corrective action to ensure that targets are achieved.
Verifying that a delivered product matches authorizing
50% of the outstanding votes plus one vote.
An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.
a graphical presentation of the results of a
the additional value inherent in the control interest as contrasted to a minority interest, which reflects its power of control
a cost over which a manager has the ability to authorize incurrence or directly influence magnitude
The profit made by a division after deducting only those expenses that can be controlled by the
the budget variance of the two variance approach to analyzing overhead variances
A service that provides for a single presentation of checks each day (typically in
A foreign corporation whose voting stock is more than 50% owned
The corporate manager responsible for the firm's accounting activities.
the chief accountant (in a corporation) who is responsible
Officer responsible for budgeting, accounting, and auditing.
the process of exerting managerial influence on
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
cost control system
a logical structure of formal and/or informal
A procedure for ensuring that transaction processing is completed
DLOC (discount for lack of control)
an amount or percentage deducted from a pro rata share of the value of 100% of an equity interest in a business, to reflect the absence of some or all of the powers of control.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
The management of a firm's costs and expenses in order to control them in relation to
Foreign exchange controls
Various forms of controls imposed by a government on the purchase/sale of
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
internal accounting controls
Refers to forms used and procedures
any measure used by management to protect
This is difficult to define in a few words—indeed, an
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
the fixed overhead volume variance;
the implementation of all practices and policies
Risk controlled arbitrage
A self-funding, self-hedged series of transactions that generally utilize mortgage
Shelf life control
Deliberate usage of the oldest items first, in order to avoid exceeding
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
The visual inspection of inventory levels, enabled by the use of
An incomes policy in which wages and prices are constrained by law not to rise by more than a specified percentage.
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