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Question
Give any two standards that can be used by a company to evaluate the performance of its Finance & Accounting department.
Solution
The two standards that can be used by a company to evaluate the performance of its finance and accounting department is the flow of capital and liquidity
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RELATED QUESTIONS
State the role of 'Speed Boss' in functional foremanship.
Hina Sweets is a renowned name for quality sweets since 1935. Harsh the owner of Hina Sweets was worried as the sales had declined during the last three months. When he enquired from the Sales Manager, the Sales Manager reported that there were some complaints about the quality of sweets. Therefore Harsh ordered for sample checking of sweets.
Identify the step taken by Harsh that is related to one of the functions of management.
'A.S. Ltd' is a large company engaged in the assembly of air-conditioners. Recently the company had conducted the Time' and 'Motion' study and concluded that on an average a worker can assemble ten air-conditioners in a day. The target volume of the company in a day is assembling of 1,000 units of air-conditioners. The company is providing attractive allowances to reduce labour turnover and absenteeism. All the workers are happy. Even then the assembly of air-conditioners per day is 800 units only. To find out the reason the company compared the actual performance of each worker and observed through C.C.T.V. that some of the workers were busy in gossiping.
1) Identify the function of management discussed above.
2) State those steps in the process of the function identified which are discussed in the above paragraph.
State the meaning of controlling.
'An effort to control everything may end up in controlling nothing'. Explain.
“Measurement of a company’s progress may involve calculation of certain ratios like gross profit ratio, net profit ratio, and return on investment etc. at periodic intervals”. Identify the function of management involved in the above context. Also briefly explain the step in the process of the identified function discussed above.
Assertion (A): Controlling ensures that resources are used in the most effective and efficient manner.
Reason (R): In controlling, each activity is performed in accordance with predetermined standards and norms.
Controlling means ensuring that activities in an organisation are performed as per the ______.
An effort to control everything may end up in controlling nothing is related to:
Match the FUNCTIONAL AREA in Column I with their respective STANDARDS set to gauge performance in Column II, as a part of the controlling function.
| Column I | Column II | |
| (i) | Marketing | Flow of capital |
| (ii) | Production | Sales-person's performance |
| (iii) | Human Resource Management | Labour turnover |
| (iv) | Finance and Accounting | Quantity |
Read the following text and answer the following question on the basis of the same:
A critical point control (CPC) approach is followed by McDonald in the cooking and handling process so that any food safety threat can be prevented, eliminated, or reduced to an acceptable level. Hence, continuous monitoring of activities are undertaken to ensure that the process is right at each critical point control. The main principle followed for cooking at McDonald is "less amount many time" which can ensure the high quality and high fresh level of the food. For instance, if four hamburgers have to be made, a worker cannot cook all the four hamburgers at one time. The time figured out for making hamburger is one hundred and forty-five seconds. moreover, nearly all foods in the McDonald have the specific holding time for hamburgers is ten minutes and for french fries is seven minutes. If it is not sold within that time it is thrown away. Also, the temperature of the milk sent by the supplier must be under 4°C, otherwise it will be returned.
Which of the following statements is true with respect to critical point control?
Read the following text and answer the following question on the basis of the same:
A critical point control (CPC) approach is followed by McDonald in the cooking and handling process so that any food safety threat can be prevented, eliminated, or reduced to an acceptable level. Hence, continuous monitoring of activities are undertaken to ensure that the process is right at each critical point control. The main principle followed for cooking at McDonald is "less amount many time" which can ensure the high quality and high fresh level of the food. For instance, if four hamburgers have to be made, a worker cannot cook all the four hamburgers at one time. The time figured out for making hamburger is one hundred and forty-five seconds. moreover, nearly all foods in the McDonald have the specific holding time for hamburgers is ten minutes and for french fries is seven minutes. If it is not sold within that time it is thrown away. Also, the temperature of the milk sent by the supplier must be under 4°C, otherwise it will be returned.
Which feature of controlling is highlighted in the above text?
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One of the functions of management completes one cycle of the management process and improves planning in the next cycle in light of the problems that were identified in the existing plans.
Identify and state the function of management discussed above.
Whether the decisions have been translated into desired actions or not' can be confirmed by performing which of the following functions of management?
