Out of the above given following ''State the corrective action that should be taken'' is not part of a formalized reporting system.
Answer: Option C
Step-by-step explanation:
Formalized reporting is used in the budgetary control process. It consists of a set of instructions that ensure the expenses and revenue are closer to an organization's financial plan. Simply you can say that it is used in the budget controlling Operations. A formalized report is sent frequently to the authorized persons and consists of 4 parts.
I: Indicate the primary recipient(s) of the report - Who else will be receiving the report in the organization eg:- manager, financier, etc.
II: Specify the purpose of the report- For what this report is going to be used.
III: Stating the frequency of the report- How frequent the report has been created and circulated in the organization eg:- weekly, monthly.
IV: Identify the name of the budget report- What type of budget was discussed in the report eg:- Sales Report