Controlling at Hamburg School Of Business Administration | Flashcards & Summaries

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TESTE DEIN WISSEN
Name some financial performance measures 
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TESTE DEIN WISSEN
  • Market measures of performance (discussed in other Flashcards) 
  • Accounting measure of performance
  • Return-on-Investment measure of performance (especially used in decentralized firms)
  • Residual income measures (based on adjusted accounting measures EVA, CVA)
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TESTE DEIN WISSEN
Explain the different types of cash flows

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TESTE DEIN WISSEN
Operative cash flow
Similar to grow cash flow, but already after change in working capital; cash flows arising from taxes on income are normally classified as operating, unless they can be specifically identified with financing or investment activities

Cash flow from investment activities
Cash flows from/into dis-/investment activities

Cash flow from financing activities 
Debt service for external capital (repayments, interest payments) and payments for equity (distribution, dividends, capital decreases/increases etc.)
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TESTE DEIN WISSEN
Why do we need controlling?

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TESTE DEIN WISSEN
Agency problem -> prevention: quality assurance through controlling
Reactive rationality: take action while something goes wrong
Proactive rationality: prevent faults through transparency 
Active rationality: making information available and discuss
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TESTE DEIN WISSEN
Name the Criteria for evaluation of key figures
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TESTE DEIN WISSEN
Congruence (Deckung) with organization’s objectives
Controllability; managers only responsible for those results under their influence
Precision concerning the economic truth
Objectivity the result is independent of the person
Timeliness informing about results as soon as possible 
Comprehensibility to managers and employees
Cost of efficiency 
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TESTE DEIN WISSEN
Define strategic controlling
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TESTE DEIN WISSEN
Strategic controlling additionally focuses on qualitative factors which are considered for the long-term achievement of objectives. 

Typical objectives: sustainable improvement of profit perspectives of the company -> value generation

Problem: measuring auch sustainable improvements; see later in financial KPI’s and balanced scorecard
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TESTE DEIN WISSEN
What are the main aspects in fulfilling the tasks of a controller? 
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TESTE DEIN WISSEN
1. Unburden the manager - take over his/her tasks and do them as efficient as possible
2. Complementing - complement the manager f.e. By teaching different accounting programs for new managers 
3. Constraining - if managers act emotional or irrational 
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TESTE DEIN WISSEN
Name the context between strategic and operative controlling
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TESTE DEIN WISSEN
- Strict division ist not possible
- constant interaction between the two sectors
- they depend on each other
- operative considerations offer important impulses for the strategic direction of the company
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TESTE DEIN WISSEN
Define operative controlling
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TESTE DEIN WISSEN
Operative controlling concentrated on well-quantifiable values as a basis for the tendentious, short-term management process.

Typical objectives: profit, cost, income, return
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TESTE DEIN WISSEN
Name interpreting methods of key figures 
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TESTE DEIN WISSEN
Inter-company comparism
Time comparism
Target-performance-comparism 
Lösung ausblenden
TESTE DEIN WISSEN
Name objectives of controlling
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TESTE DEIN WISSEN
Optimizing results in relation to strategic and operative business objectives 
E.g. increase in capital value, Realisation of profits, increase in market share, cost reduction
Lösung ausblenden
TESTE DEIN WISSEN
Name the tasks of Controllers
Lösung anzeigen
TESTE DEIN WISSEN
The tasks of financial controlling are also called controllership

- information supply for management
- system design because sensible planning and supervision is only possible on the basis of reliable sources of information
- coordination is implied by the necessity to coordinate individual sub-plans in respect to overall business objectives

Lösung ausblenden
TESTE DEIN WISSEN
Explain the correlation of EVA and DCF (Preinreich-Lücke Theorem PLT)
Lösung anzeigen
TESTE DEIN WISSEN
If period gains are corrected by the calculated interest on the fixed assets from the beginning of the period and discounted, it leads to the same capital value as the DCF-method. 

PLT is based on:
Total sum of profits = total sum of cash flows (over years)
Lösung ausblenden
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Q:
Name some financial performance measures 
A:
  • Market measures of performance (discussed in other Flashcards) 
  • Accounting measure of performance
  • Return-on-Investment measure of performance (especially used in decentralized firms)
  • Residual income measures (based on adjusted accounting measures EVA, CVA)
Q:
Explain the different types of cash flows

A:
Operative cash flow
Similar to grow cash flow, but already after change in working capital; cash flows arising from taxes on income are normally classified as operating, unless they can be specifically identified with financing or investment activities

Cash flow from investment activities
Cash flows from/into dis-/investment activities

Cash flow from financing activities 
Debt service for external capital (repayments, interest payments) and payments for equity (distribution, dividends, capital decreases/increases etc.)
Q:
Why do we need controlling?

A:
Agency problem -> prevention: quality assurance through controlling
Reactive rationality: take action while something goes wrong
Proactive rationality: prevent faults through transparency 
Active rationality: making information available and discuss
Q:
Name the Criteria for evaluation of key figures
A:
Congruence (Deckung) with organization’s objectives
Controllability; managers only responsible for those results under their influence
Precision concerning the economic truth
Objectivity the result is independent of the person
Timeliness informing about results as soon as possible 
Comprehensibility to managers and employees
Cost of efficiency 
Q:
Define strategic controlling
A:
Strategic controlling additionally focuses on qualitative factors which are considered for the long-term achievement of objectives. 

Typical objectives: sustainable improvement of profit perspectives of the company -> value generation

Problem: measuring auch sustainable improvements; see later in financial KPI’s and balanced scorecard
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Q:
What are the main aspects in fulfilling the tasks of a controller? 
A:
1. Unburden the manager - take over his/her tasks and do them as efficient as possible
2. Complementing - complement the manager f.e. By teaching different accounting programs for new managers 
3. Constraining - if managers act emotional or irrational 
Q:
Name the context between strategic and operative controlling
A:
- Strict division ist not possible
- constant interaction between the two sectors
- they depend on each other
- operative considerations offer important impulses for the strategic direction of the company
Q:
Define operative controlling
A:
Operative controlling concentrated on well-quantifiable values as a basis for the tendentious, short-term management process.

Typical objectives: profit, cost, income, return
Q:
Name interpreting methods of key figures 
A:
Inter-company comparism
Time comparism
Target-performance-comparism 
Q:
Name objectives of controlling
A:
Optimizing results in relation to strategic and operative business objectives 
E.g. increase in capital value, Realisation of profits, increase in market share, cost reduction
Q:
Name the tasks of Controllers
A:
The tasks of financial controlling are also called controllership

- information supply for management
- system design because sensible planning and supervision is only possible on the basis of reliable sources of information
- coordination is implied by the necessity to coordinate individual sub-plans in respect to overall business objectives

Q:
Explain the correlation of EVA and DCF (Preinreich-Lücke Theorem PLT)
A:
If period gains are corrected by the calculated interest on the fixed assets from the beginning of the period and discounted, it leads to the same capital value as the DCF-method. 

PLT is based on:
Total sum of profits = total sum of cash flows (over years)
controlling

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