The process that periodically checks actual revenues and expenses against forecast values is ________.

Question

Quizplus · Accepted Answer

Financial control is the process of monitoring actual financial performance against forecasted values. It involves identifying any variances and taking corrective actions where necessary. Strategic planning involves defining the long-term goals and objectives of the organization, while financial planning involves creating a roadmap for achieving these goals by identifying the required financial resources. Budgeting involves developing a detailed financial plan that outlines the expected revenues and expenses for a specific period.

The Process That Periodically Checks Actual Revenues and Expenses Against