The balanced scorecard approach
Q: Which of the following elements of the balanced scorecard defines the purpose of an action taken…
A: The Balanced Scorecard is a strategic planning and management system used extensively in business…
Q: Which of the following statements is true? 1. Financial measures such as ROI are generally better…
A: Balance Scorecard refers to a strategic management performance metric used to identify, improve and…
Q: Statement 1: Goal congruence will more likely occur if management can establish the performance…
A: The performance measurement of the managers is very important for the company because it needs to…
Q: The internal business process perspective of a balanced scorecard may contain which of the following…
A: Balance Score Card measures the business from four different perspectives. 1) Financial Perspectives…
Q: 1. Managerial accounting helps managers make planning decisions. Which of the following is related…
A: Comment; We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of the following statements is false? A. The four dimensions of performance that are…
A: Stakeholders are the people who has the interest in the company. The stockhlders have the interest…
Q: Decision Making with Managerial Accounting   Due to varying business characteristics, the…
A: In every concern there are three basic accounting systems. They are 1. Financial accounting 2. Cost…
Q: performance measures?
A: A good performance measure should have following qualities - Provide a reasonable incentive to the…
Q: Which of the following is not one of the elements of the balanced scorecard? a. strategic…
A: The balanced scorecard is a strategic management tool that organisations use to measure and monitor…
Q: 9. A balanced scorecard is a) a performance-measurement approach that uses both financial and…
A: Solution Concept Balance score card Balance score card is basically a strategic…
Q: In managerial decision-making, a company must collect relevant information to use in the evaluation…
A: Managerial decision-making is a process aimed at resolving identified problems and enabling…
Q: A profit center manager often also supervises revenue and cost center managers. True or False True…
A: Solution 1: True, A profit center manager often also supervise revenue and cost center manager…
Q: A balanced scorecard is an integrated system of performance measures designed to support an…
A: Balanced scorecard: It is a tool to measure the performance that relates a company’s strategy to…
Q: Please provide me with and example of how to evaluate an integrated report for the following…
A: Pick n Pay is a retail company that operates in South Africa, Namibia, Zambia, Zimbabwe, and…
Q: Conduct research and provide an overview of what performance evaluation entails in managerial…
A: 1. Use of performance evaluation in managerial accounting: A management control system's foundation…
Q: Can you breifly explain the role of performance management techniques in improving organizational…
A: Progressively, associations are understanding that their administration frameworks should be past…
Q: How does the concept of responsibility accounting contribute to organizational accountability? If…
A: Responsibility accounting is a management control system that involves assigning specific financial…
Q: Cost & Managerial Accounting and the Business Environment in details. Identify the major…
A: Cost and Managerial accounting and Business Environment plays an important role in a business's…
Q: Match each of the following with its appropriate term. Controllable factors This is the part of an…
A: An investor center is a unit of business which is responsible for its own assets, income and…
Q: Financial ratio analysis is a widely used tool for assessing the "health" of an organization and…
A: Financial ratings are quantitative indicators that distinguish important information from a…
Q: Types of decisions that managers make include all of the following except: a.choosing which…
A: Types of Decision Making – 4 Types of Decisions that are Usually Taken by Managers in the…
Q: Which of the following is the purpose of relative performance evaluation (RPE)? Multiple Choice…
A: The objective of this question is to understand the purpose of Relative Performance Evaluation (RPE)…
Q: What are the advantages and disadvantages of using the balanced scorecard approach to performance…
A: Introduction:- As a management tool, it helps companies in assessing overall performance and in…
Q: Which of the following statements is true? A balanced scorecard contains both customer and internal…
A: Solution:- Discussion of the following statements true or false as false
Q: By reference to the data in part A above: Explain thoroughly 1. There are both quantitative and…
A: The answers to the question are given below
Q: How is the use of a balanced scorecard as a performance evaluation system helpful to companies?
A: A balanced scorecard is a performance metric used to identify, improve, and control a business's…
Q: A good performance measurement system should have the following characteristics: It should be based…
A: Good performance measurement must be established because the absence of a good performance…
Q: Explain the term "balanced scorecard" in a few words. What does it have to do with a business's…
A: Explanation of balanced scorecard are as follows:
Q: Describe the Relationship of the below mentioned managerial accounting concepts : i. Cost Reduction…
A: There are several concept and techniques which are used for the measurement of overall performance…
Q: Classify the performance measures below into the most likely balanced scorecard perspective…
A: Balanced scorecard: It is a tool to measure the performance that relates a company’s strategy to…
Q: is not an objective of managerial accounting? a. To prepare external reports for investors,…
A: Management accounting is important because it help us to analyse in order to make better decisions…
Q: The Balanced Scorecard provides many performance metrics used to measure a company’s performance.…
A: Balance scorecard is the method which displays entity's performance into four dimensions. Balance…
Q: The benefits of management accounting information include: Select one: a. More effective planning.…
A: The question is related to Management Accounting and Prime cost. Management Accounting is the…
Q: Both financial and nonfinancial performance measures are key inputs when evaluating the performance…
A: INFORMATION:- Evaluating the performance of managers is essential to ensure that an organization…
Q: All of the following is related to the controlling function of management except: a. Performance…
A: SOLUTION- Planning involves establishing goals and communicating these goals to employees of the…
Q: Which of the following is defined as comparing actual performance to planned performance and…
A: Performance refers to the subjective measurement of the use of assets by the firm during its primary…
Q: Classify the performance measures below into the most likely balanced scorecard perspective towhich…
A: Balance Scorecard is used in strategic management to measure the performance by ascertaining…
Q: Looking from a managerial perspective, why would a firm use a balanced scorecard in evaluating…
A: A balanced scorecard (BSC) is a strategic management performance metric used to identify, control…
The balanced scorecard approach
- uses only financial measures to evaluate performance.
- normally sets the financial objectives first, and then sets the objectives in the other perspectives to accomplish the financial objectives.
- evaluates performance using about 10 different perspectives in order to effectively incorporate all areas of the organization.
- uses rather vague, open statements when setting objectives in order to allow managers and employees flexibility.
Step by step
Solved in 2 steps
- Kaplan and Norton view the __________________ dimension as being ultimately the most important of the four dimensions identified in the balanced scorecard. Select one: a. The top managerial team b. Financial c. Customer d. Learning and growth e. Internal business processWhich of the following is a balanced scorecard performance measure. Employee learning and growth Customer satisfaction Business process improvements All of these are performance measuresWhich of the following describes the best way to build/create a balanced scorecard? O a. Step 1. Create a strategy map that captures the company's strategy and shows the cause-and-effect relationships (links) between different parts of the strategy. Step 2. Define performance measures in each of the 4 perspectie or categories of the Balanced Scorecard based on the strategy map O a. Step 1. Examine best practices for "Key Performance Indicators' used by Fortune 500 companies. Step 2. Use all of the measures which are used in the "best practice" examples. O a Step 1. List all possible performance measures that the compaury could cse Step 2. Put each measure into ane of the 4 perspectives" or categories of the Balanced Scorecard.
- Balanced scorecards use both financial and nonfinancial measures to evaluate employees. The four categories of a balanced scorecard are financial perspective, internal business perspective, customer perspective, and learning and growth perspective. Are the above statements True / False? If the above statements are true then what are: the financial perspective the internal business perspective the customer perspective the learning and growth perspectiveManagement accountants are generally responsible for: Select one: O A. Detailed financial planning OB. Identifying problems within the business firm by way of variances O C. Designing and modifying the business' accounting information system O D. All of the aboveOne of the most widely used measures of management performance is the Balanced Scorecard. Like the other management theories we have studied, the balanced scorecard has evolved over the years. Is the Balanced Scorecard still relevant, if so why, if not, why not?
- For each of the following, select its best description. A. Incurs costs without directly yielding revenues. B. Costs that a manager has the ability to affect. C. Incurs costs and also generates revenues. D. Holds manager responsible for revenues, costs and major investing decisions. E. Lists actual costs a manager is responsible for and their budgeted amounts. F. Unit managers make decisions and top management then evaluates the performance of unit managers. 1. Decentralized organization 2. Controllable costs 3. Responsibility accounting performance report 4. Profit center 5. Investment center 6. Cost centerWhich of the following is a key performance indicator of the internal business perspective in a balanced scorecard? A. return on investment B. hours of employee training C. number of warranty claims received D. percentage of market share1. Return on investment (ROI), residual income (RI), and economic-value added (EVA) are performance measures for subunit managers. Discuss the relative merit of these performance measures? -. 2. There may be a difference between the performance of a manager and the performance of the organization subunit for which the manager is responsible. Why is it important to make this distinction? 3. Do you agree with the general manager's assertion that managers should be rewarded only on the basis of their performance measures with no fixed salaries? Explain.
- Choose whether the following characteristics are most often associated with managerial accounting or financial accounting. Managerial Accounting Financial Accounting Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Prepared statements usually pertain to the company as a whole rather than individual departments or products Information provided will often be subjective, such as estimated future results Often prepared on an as-needed basis rather than at fixed intervals Use principles of the Sustainability Accounting Standards Board (SASB) to provide sustainability, information to external financial statement users Consideration of sustainability practices to contribute to the company's long-term success Using eco-efficiency measures to reduce expenses OOOOWhich of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective actionThe balanced scorecard provides an action plan for achieving competitive success by focusing management attention on critical success factors. Which of the following is not one of the competitive success factors commonly found on the balanced scorecard? a. Competitor business strategies b. Financial performance measures c. Internal business processes d. Learning and growth
