Managerial Accounting (15th Edition)

Published by McGraw-Hill Education
ISBN 10: 007802563X
ISBN 13: 978-0-07802-563-1

Chapter 1 - Managerial Accounting: An Overview - Questions - Page 19: 1-2

Answer

Network: CNN Planning Activities: - Set a goal for the company: "We want to boost viewership by 15%." - Consider the situation and environment: "what kind of people are interested in CNN? Where is CNN most popular? What is the most popular time of day for viewership?" - Devise a plan to achieve company goals: This plan is called a 'budget' and must be specific, formal, and organized. Controlling Activities: - Gather feedback. This includes analytics concerning demographics and viewership. - Evaluate feedback: "How do our numbers this quarter compare to the previous quarter?" - Respond to feedback: Determine how or if the budget needs to be changed to continue progress towards the goal.

Work Step by Step

Planning involves setting goals and creating specific plans called 'budgets' to achieve those goals. Controlling involves gathering feedback, evaluating that feedback, and responding to feedback to ensure that progress will continue to be made towards the company's goal.
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