Define Management Audit
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Q1. If you want to control everything you may end up controlling. Ans1 . Management By Exception. Q2. Define Management Audit. Ans2 . Systematic appraisal of the overall performance of the management of an organization. Q3. Why is controlling considered to be a backward looking? Ans3 . Controlling involves evaluation of past activities to find out deviations from standards so it is a backward looking function. Q4. Name two types of profitability ratios? Ans 4. a) Gross Profit Ratio b)Net Profit Ratio. Q5. What do you call the sales volume at which there is no profit, No loss? Ans5 . Breakeven Point (BEP). Q6. Give 2 examples of Corrective Action. Ans 6 . a) Provide training b)Revive standards. Q7. Give two examples of responsibility centers. Ans7 . Cost Centre, revenue center etc. Q8. Marketing department comes under which type of responsibility center. Ans8 . Revenue Centre. Q9. Give the formula of Return on Investment. Ans 9 . Net Profit Total investment Q10. What do you understand by key KRAs result areas? Ans10 . The areas which are critical to the success of an organization. Q11. Why planning is an empty exercise without controlling? (1) Ans11 . Planning is an empty exercise without controlling because implementation of plans and monitoring of plan depend upon controlling. Q12. Which two steps in the process of controlling are concerned with compelling events to conform to plan? Ans12 a) Comparison of actual performance with standards. b)Taking corrective actions.
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