Managerial Control Vocabulary

Front

Process by which an organization’s accounts and records are verified

Back

Audit

Front

A financial statement that captures the financial condition of the business at that particular moment (assets and liabilities)

Back

Balance sheets

Front

The process of determining the level at which revenues equal total costs

Back

Break-even analysis

Front

The process of determining the amount of cash a business has to work with at any given time

Back

Cash flow analysis

Front

Mechanisms used to monitor and regulate a task, activity, or performance while it is occurring

Back

Concurrent controls

Front

The management function that monitors the work effort

Back

Controlling

Front

Mechanisms used to monitor and regulate a task, activity, or performance after it has already occurred

Back

Feedback controls

Front

Mechanisms used to monitor and regulate a task, activity, or performance before it occurs

Back

Feedforward controls

Front

The comparison of two numbers from a business’s financial statement; used as a tool by businesses to see relationships between dollars, numbers, and percentages

Back

Financial ratio

Front

Records that show a business’s financial activities

Back

Financial statements